SPRINGFIELD, Ill. – Under new legislation passed by state Rep. John D’Amico, D-Chicago, seniors will save more money on their property tax bills.
“With many seniors living on a fixed-income, skyrocketing property taxes have placed a huge burden on their budgets,” D’Amico said. “Every dollar of relief we can provide can go a long way toward helping seniors make ends meet.”
D’Amico voted to pass his legislation, Senate Bill 473. The measure helps lower the property tax burden for seniors in Cook County in two ways. It increases the maximum exemption that seniors can claim on their property tax bill from $5,000 to $8,000. Additionally, the proposal expands the senior citizen assessment freeze by increasing the income threshold for eligibility from $55,000 to $65,000.
“I hear so often from seniors that are concerned that rising property taxes are going to force them out of their homes,” D’Amico said. “This proposal will provide relief and help keep seniors in the communities that they have lived and raised their families in.”