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State
Sen. Larry Bomke,
R-Springfield, explained that
House Bill 4789 will stabilize property assessments for Illinois
homeowners who are at least 65 years of age and who make less than
$50,000. "The bottom line is that we want to ensure Illinois'
seniors have the opportunity to stay in their homes for as long as
they are able, and this bill will help them do just that," said
Bomke. "Obviously we don't want senior citizens to be forced to move
out of the home that they have lived in for 40 years because they
can't afford the increasing costs associated with their property."
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 Bomke explained that the exemption freezes the assessment on the
seniors' property but does not apply to the tax rate. However, even
though the actual taxes that senior citizens are required to pay may
increase, the rising cost could be offset by the freeze on the
property's assessment value.
The legislation was introduced in response to a 2005 Illinois
Supreme Court decision in which the law that originally created the
"senior citizens assessment freeze homestead exemption" was found to
be unconstitutional for technical reasons.
Having been approved by the legislature, House Bill 4789 is now
headed to the governor for final consideration.
[News release from
Illinois
Senate Republicans] |
