PROPERTY TAX-SENIOR FREEZE
If enacted, the bill would directly impact the property tax burden carried by eligible senior citizens, allowing a greater number to qualify for the homestead exemption. This change is intended to provide financial relief to low-income seniors, helping them maintain their residences in the face of rising property values and taxes. The adjustment in income limits is seen as a step forward in addressing the needs of this demographic, particularly as they face economic pressures.
House Bill 4420 introduces changes to the Property Tax Code in Illinois, specifically aimed at the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. The bill proposes increasing the maximum income limitation for this exemption from $65,000 to $75,000 for taxable years commencing in 2024. This exemption is particularly significant for senior citizens who may be precariously situated regarding housing costs.
Notably, while proponents argue that this bill provides necessary support for low-income seniors, there may be concerns regarding its fiscal impact on local government revenues. Critics could argue that increasing exemptions could lead to funding shortages for local services that are essential to the community, such as education and infrastructure. Furthermore, the challenge of fairly assessing income levels to determine eligibility could lead to administrative complexities.