The legislative changes proposed in HB2452 are intended to create a more equitable tax structure for senior citizens across the state. By unifying the maximum exemption amount regardless of county population and raising the income limit, the bill seeks to enhance financial stability among the elderly population, a demographic often on fixed incomes. The change has the potential to alleviate housing affordability issues among seniors in Illinois, making it easier for them to remain in their homes longer without the fear of increasing property taxes.
Summary
House Bill 2452, introduced by Rep. Amy Elik, amends the Property Tax Code in Illinois by adjusting benefits for senior citizens concerning property tax exemptions effective from taxable year 2026 onwards. The bill sets the maximum reduction for the senior citizens homestead exemption at $8,000 across all counties, harmonizing the previous varying limits based on population size. It also increases the maximum income limit for the senior citizens assessment freeze homestead exemption from $65,000 to $75,000, allowing more seniors to qualify for this benefit. These changes aim to reduce the property tax burden on older residents of Illinois.