(The Center Square) – Seniors, veterans and persons with disabilities in Illinois could get property tax relief under legislation the governor signed Friday.
The state has among the highest property taxes in the nation, regularly ranked second or first in the nation, depending on the report.
Senate Bill 1975, signed by Gov. J.B. Pritzker on Friday, increases the general homestead exemption and senior citizens homestead exemption, reduces interest rates on tax deferrals for seniors and allows for automatic renewal of the homestead exemption for qualifying people with disabilities in Cook County, according to the governor’s office.
The measure incentivizes taxing districts to opt for the lowest necessary property tax rate, the governor’s office said, saving property taxpayers hundreds of dollars in savings in property tax on an annual basis.
For tax levy year 2023, the law sets maximum homestead exemptions of $8,000 for counties bordering Cook County. All other counties will have a maximum exemption of $6,000. Cook County’s maximum exception will remain $10,000.
For the senior homestead exemption, the collar counties maximum is increased from $5,000 to $8,000, but $5,000 for all other counties. Seniors getting food or utility subsidies will automatically qualify for the senior freeze. The Senior Citizen Real Estate Tax Deferral program interest rate is decreased to 3% from 6%.
May 20, 2022 at 04:00PM