Legislation introduced by Illinois Senate Republicans aims to protect low-income senior citizens from losing property tax relief due to inflation. The bill, co-sponsored by Senator Dave Syverson, would tie the income eligibility cap for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption to inflation starting in tax year 2029.
Senate Bill 4029 proposes that the income threshold be adjusted annually based on the Consumer Price Index. This adjustment is intended to prevent seniors from being disqualified from the exemption as their incomes rise with cost-of-living increases.
“Senate Bill 4029 would automatically adjust the income eligibility cap for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption based on inflation beginning in tax year 2029. By tying the income threshold to the Consumer Price Index, this measure prevents seniors from losing eligibility due to cost-of-living increases,” according to a statement about the legislation.
Senator Syverson previously supported measures during the fall veto session that increased these income caps. Current law sets the cap at $75,000 for tax year 2026, $77,000 for 2027, and $79,000 starting in 2028. If passed, Senate Bill 4029 would ensure further annual adjustments after that point.
The bill is currently awaiting assignment to a Senate committee.
Syverson has represented Illinois’ 35th Senate District since his election in 1993, succeeding Christine J. Johnson.
