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State
Sen. Larry Bomke,
R-Springfield, was a co-sponsor of the legislation,
Senate Bill 2350, that would stabilize property assessments for
Illinois homeowners who are at least 65 years of age and who make
less than $45,000.
"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," Bomke said. "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 the property."
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.
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 Senate Bill 2350 was introduced in response to a 2005 Illinois
Supreme Court decision that said the law that originally created the
senior citizens assessment freeze homestead exemption was
unconstitutional for technical reasons.
Having been approved by the Senate, the bill is now headed to the
Illinois House of Representatives for further consideration.
[News release from
Sen. Larry Bomke] |
