IL SB4029

Amends the Property Tax Code to annually adjust the maximum income limitation for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption based on Consumer Price Index increases beginning in taxable year 2029.

Current income limits are set at fixed amounts: $75,000 for 2026, $77,000 for 2027, and $79,000 for 2028.

Starting in 2029, the income limit will automatically increase each year by the percentage increase in the Consumer Price Index-u for the 12-month period ending in September of the prior calendar year.

The exemption freezes the assessed value of a residence for homeowners age 65 or older whose household income falls below the maximum limitation.

Introduced February 6, 2026 by Senator Sue Rezin; takes effect immediately upon passage.