New Illinois law provides property tax relief to some residents. Here’s What’s Included – NBC Chicago

Delivering on a promise to offer property tax relief for Illinoisans, Governor JB Pritzker signed legislation Friday that eases the tax burden for some of the most vulnerable residents, including seniors, veterans and people with disabilities. disabilities, according to the governor’s office.

The legislation, which took effect immediately, increases the general homestead exemption and the senior homestead exemption, lowers interest rates on tax deferral for seniors, and allows automatic renewal of the senior homestead exemption. with disabilities in Cook County, the Pritzker office said. in a press release.

Over the last 20 years, property taxes have skyrocketed at a rate that far outpaces the increase in home values, the governor noted, saying it is “unacceptable” and “needs to change.”

“When I was elected, I promised to address property tax increases for our residents. I am proud to sign this bill into law, taking another step to ease the burden of property taxes on our most vulnerable residents,” he said.

Known as the Senate Bill of 1975, the measure allows taxing districts to opt for the lowest necessary property tax rate by allowing districts subject to the Property Tax Extension Act Cap to collect less today without losing access to additional income in the future.

The process of retaining an exemption will also be easier for some.

The Disabled Veterans Waiver will be automatically renewed if the eligible veteran is deemed permanently and totally disabled by the US Department of Veterans Affairs. This legislation also allows the surviving spouse of a deceased veteran to continue receiving the exemption, according to the measure.

Under the law, for fiscal year 2023, counties bordering Cook County will receive an $8,000 homestead exemption. In Cook County, the maximum exemption remains the same at $10,000.

All other counties will have a maximum homestead exemption of $6,000.

Seniors in counties bordering Cook County will see the maximum homestead exemption increase from $5,000 to $8,000, putting them on the same level as Cook County. The maximum senior homestead exemption is $5,000 in all other counties in Illinois.

Leave a Comment