2580 Foxfield Rd.
105 State Capitol
Springfield, IL 62706
|Date: May 22, 2006|
|For Immediate Release|
Senior citizens to keep assessment freeze benefits
Springfield, IL – The Governor has signed legislation aimed at providing significant financial relief for many Illinois seniors, according to State Senator John J. Millner (R- Carol Stream).
House Bill 4789 restores the Senior Citizens Assessment Freeze Homestead Exemption to ensure that seniors will be able to claim the exemption when they pay their property taxes this year. The Senior Citizens Assessment Freeze Homestead Exemption essentially allows qualified seniors to have their assessments frozen for as long they own their home.
The legislation is in response to a recent Illinois Supreme Court decision. The Court ruled in December of last year that the original 1994 senior assessment law violated the state’s single subject requirements, because there were too many varying changes in Illinois law included in one piece of legislation.
In addition to reinstating the previous law, HB 4789 increases the income limit to qualify for the Senior Citizens Assessment Freeze Homestead Exemption from $45,000 to $50,000. It also increases the senior citizens homestead exemption from $3,000 to $3,500.
To qualify for the Senior Citizens Assessment Freeze Homestead Exemption, a person must be at least 65 years old, must meet residency requirements, and must not make more than $50,000. Senior citizens must apply for the exemption each year, but the assessment freeze is based on the assessment level at the time a senior citizen first becomes qualified for the program.
The bill goes into effect immediately.