Illinois HB 3723: PROP TX-SENIOR EXEMPTION

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3723

Introduced 2/18/2025, by Rep. Joe C. Sosnowski - Travis Weaver 

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-170

 Amends the Property Tax Code. Provides that the total property tax bill for any property receiving the senior citizens homestead exemption may not exceed 101% of the tax bill for the immediately preceding taxable year.

LRB104 03561 HLH 21331 b

A BILL FOR

HB3723LRB104 03561 HLH 21331 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Property Tax Code is amended by changing 

5Section 15-170 as follows:

6 (35 ILCS 200/15-170)

7 Sec. 15-170. Senior citizens homestead exemption. 

8 (a) An annual homestead exemption limited, except as 

9described here with relation to cooperatives or life care 

10facilities, to a maximum reduction set forth below from the 

11property's value, as equalized or assessed by the Department, 

12is granted for property that is occupied as a residence by a 

13person 65 years of age or older who is liable for paying real 

14estate taxes on the property and is an owner of record of the 

15property or has a legal or equitable interest therein as 

16evidenced by a written instrument, except for a leasehold 

17interest, other than a leasehold interest of land on which a 

18single family residence is located, which is occupied as a 

19residence by a person 65 years or older who has an ownership 

20interest therein, legal, equitable or as a lessee, and on 

21which he or she is liable for the payment of property taxes. 

22Before taxable year 2004, the maximum reduction shall be 

23$2,500 in counties with 3,000,000 or more inhabitan