Keeping his promise to provide property tax relief to Illinoisans, Governor JB Pritzker on Friday signed legislation easing the tax burden of some of the most vulnerable residents, including the elderly, veterans and people with disabilities, according to the governor’s office.
The legislation, which took effect immediately, increases the general homestead exemption and the seniors’ homestead exemption, reduces interest rates on tax deferrals for seniors and allows the automatic renewal of exemption on homesteads for qualified persons with disabilities in Cook County, Pritzker’s office said. in a press release.
Over the past 20 years, property taxes have skyrocketed at a rate far exceeding increases in home values, the governor noted, saying that was “unacceptable” and “must change.”
“When I was elected, I promised to fight against rising property taxes for our residents. I am proud to sign this bill, which is one more step towards easing the burden of property taxes for our most vulnerable residents,” he said.
Known as the Senate Bill of 1975, the measure allows tax districts to opt for the lowest necessary property tax rate by allowing districts under the law’s limit to extend the property tax to levy less today without losing access to additional income in the future.
The process of maintaining an exemption will also be easier for some.
The Disabled Veteran Exemption will be automatically renewed if the eligible Veteran is determined to be permanently and totally disabled by the U.S. Department of Veterans Affairs. This law also allows the surviving spouse of a deceased veteran to continue to benefit from the exemption, depending on the measure.
By law, for the 2023 tax levy year, 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 par with Cook County. The maximum senior farm exemption is $5,000 in all other Illinois counties.