Gov. Pritzker signs legislation providing property tax relief for seniors, veterans, disabled persons
CHICAGO, Ill. (KFVS) - Governor JB Pritzker signed legislation that would streamline property tax relief for veterans, seniors and those with disabilities while encouraging local taxing districts to lower their levy rate.
The governor says this will open the door for hundreds of dollars in individual property tax savings per year.
“Over the past twenty years, property taxes have skyrocketed at a rate far surpassing the increase in home values. For veterans, disabled Illinoisans, and our seniors, that can mean having to choose between basic needs—like healthcare, and losing their homes. That’s unacceptable and needs to change,” said Governor JB Pritzker. “This bill expands homestead exemptions for veterans and their spouses, reduces interest rates, and allows for automatic renewal for our disabled homeowners. When I got elected, I promised to address rising property taxes for our residents. I am proud to sign this bill into law, taking another step towards easing the burden of property taxes for our most vulnerable residents.”
According to the governor’s office, Senate Bill 1975 increases the general homestead exemption and senior citizens homestead exemption, reduces interest rates on tax deferrals for seniors, and allows for automatic renewal of the homestead exemption for qualified people with disabilities in Cook County.
In addition, exemptions for those receiving the Veterans with Disabilities Exemption will auto-renew if the qualifying veteran is deemed permanently and totally disabled by the U.S. Department of Veterans Affairs.
More information can be found here.
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