SPRINGFIELD – Elderly Illinois homeowners can expect an increase in property tax breaks under a law sponsored by State Senator Laura Murphy (D-Des Plaines) that increases the maximum income limit and deferral amount for the senior housing tax deferral program.
“Property taxes can be a heavy financial burden, especially for fixed-income residents,” Murphy said. “This law expands on an important program that provides significant benefits to senior homeowners and allows more retirees to stay in their homes and in the state.”
By tax year 2025, the law will increase the maximum income limit for the senior real estate tax deferral program from $ 55,000 to $ 65,000. It also increases the maximum deferral amount from $ 5,000 to $ 7,500.
The Senior Real Estate Deferral Program allows qualifying Illinois residents 65 years of age and older to defer all or part of their property tax and primary residence bonus payments.
The law was sponsored in the House of Representatives by State Representative Debbie Meyers-Martin (D-Olympia Fields).
“This law extends the eligibility for senior citizens with a fixed income to help them pay their property taxes,” said Meyers-Martin. “It is important that we pass this law to give our seniors some relief on property taxes and keep them in their homes.”
The bill, originally Senate Act 2244, was signed on Friday.