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HB 2670

To double the homestead tax exemption

2025 Regular Session Introduced by Ryan Browning and 10 co-sponsors

HB 2670 aims to double the homestead property tax exemption for eligible Illinois homeowners, providing significant tax relief for seniors and disabled individuals.

To House Finance
#taxation
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Bill Summary · HB 2670

Summary of House Bill 2670 (HB 2670)

Overview

House Bill 2670 (HB 2670) is a legislative proposal introduced in the Illinois General Assembly aimed at doubling the homestead property tax exemption for eligible homeowners. The bill was filed by Representative David Friess on February 4, 2025, and is currently under consideration by the House Finance Committee.

Purpose and Intent

The primary purpose of HB 2670 is to provide financial relief to homeowners by increasing the homestead property tax exemption from $20,000 to $40,000. This increase is intended to lessen the tax burden on qualifying homeowners, particularly those who are elderly or disabled, thereby promoting housing stability and affordability.

Key Provisions

  • Increase in Exemption Amount: The bill proposes to amend the existing law to raise the homestead property tax exemption from $20,000 to $40,000 for eligible homeowners.
  • Eligibility Criteria:
    • Homeowners must be at least 65 years old or certified as permanently and totally disabled.
    • Applicants must have been residents of Illinois for the two consecutive calendar years preceding the tax year for which the exemption is sought.
    • Homeowners receiving a similar exemption in another state will be ineligible for this exemption.
  • Application Process: Homeowners must submit a sworn affidavit confirming they are not receiving a similar exemption in another state.
  • Residency Provisions: The bill includes provisions for residents who re-establish residency in Illinois after living in another state, allowing them to qualify for the exemption under certain conditions.

Impact

  • Affected Population: The bill primarily benefits senior citizens and individuals with disabilities who own and occupy their homes in Illinois. By increasing the exemption, it aims to provide significant tax savings for these groups.
  • Financial Implications: Doubling the exemption could result in substantial savings for eligible homeowners, potentially leading to increased disposable income and enhanced financial security.

Procedural Timeline

  • February 4, 2025: Bill filed with the Clerk by Rep. David Friess.
  • February 6, 2025: First reading and referred to the Rules Committee.
  • February 20, 2025: Bill filed for introduction and referred to the House Finance Committee.

Conclusion

HB 2670 represents a significant legislative effort to enhance the financial well-being of Illinois homeowners, particularly seniors and disabled individuals, by increasing the homestead property tax exemption. If passed, this bill could provide meaningful tax relief and support housing stability for vulnerable populations within the state.

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

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