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SB 4029

PROP TX-SENIOR FREEZE

104th Regular Session Introduced by Chris Balkema and 8 co-sponsors

Beginning in 2029, the maximum income to qualify for the Low-Income Senior Citizens Assessment Freeze Exemption auto-inflates with CPI-U each year.

Added as Co-Sponsor Sen. Erica Harriss
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Bill Summary · SB 4029

Overview

SB4029, introduced in the Illinois Senate for the 104th General Assembly, proposes to change the maximum income limit used to determine eligibility for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. Specifically, starting with tax year 2029, the bill ties the maximum income limitation to the prior year’s limit increased by the percentage change in the Consumer Price Index for All Urban Consumers (CPI-U). The bill is effective immediately upon becoming law.

Purpose and Intent

  • Improve the long-term affordability and accessibility of the Low-Income Senior Citizens Assessment Freeze Homestead Exemption by automatically adjusting the income threshold for inflation.
  • Ensure the exemption remains meaningful for seniors as housing costs and incomes evolve over time.

Key Provisions and Changes

  • The core change is in Section 15-172 of the Property Tax Code:
    • Beginning in taxable year 2029, the maximum income limitation for eligibility shall be the prior year’s maximum income limitation multiplied by 1 plus the CPI-U percentage increase for the 12-month period ending in September of the preceding calendar year.
  • The statute retains the existing framework for the exemption, including:
    • Eligibility criteria: seniors aged 65+, household income at or below the specified maximum, ownership or qualifying leasehold interest, and property tax liability.
    • Calculation of the exemption amount: in counties with 3,000,000+ inhabitants, exemption equals residence’s equalized assessed value (EAV) for the year of application minus the base amount; in other counties, the exemption follows a similar structure with potential tiered reductions based on income in certain years.
    • Base year, base amount, and adjustments for added improvements, with rules governing the establishment of base years and periodic recalculations.
    • Provisions for certain life-care facilities and cooperatives, including crediting exemptions to the appropriate unit’s apportioned tax liability and related audit and privacy protections.
  • Alternative income verification: certain programs (AABD, SNAP, LIHEAP, Benefit Access, and Senior Citizens Real Estate Tax Deferral) may be used to presume eligibility for the income limit, with confidentiality protections for program data.
  • Administrative provisions: annual notices of availability to be published; procedures for applications and audits; and timelines for application periods, including potential extensions in cases of disability in counties with fewer than 3,000,000 inhabitants.

Who Is Affected

  • Qualified homeowners aged 65+ with household income within the eligible maximum will be affected, as the income threshold will automatically increase with inflation from 2029 onward.
  • Counties with different population sizes (notably large counties) may see marginal changes in exemption calculations due to the inflation-linked cap, though the overall framework remains intact.
  • Local assessors, county boards, and property owners subject to the exemption will experience administrative updates tied to CPI-U adjustments and annual notification requirements.

Procedural and Timeline Highlights

  • Effective date: upon becoming law.
  • Inflation-based adjustment begins for taxable year 2029.
  • Annual publication and application processes continue, with existing audit and privacy protections retained.
  • The bill’s action history shows sponsor and co-sponsor support, with assignment and committee timelines typical of the Illinois legislative process.

Note: The summary reflects the introduced text and does not incorporate potential amendments that could be added during committee or floor consideration.

Compiled from official sources — confirm details with the bill’s official record.

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