“Many senior citizens and retirees are living on fixed incomes, and they shouldn’t have to worry that rising property taxes will force them out of their homes,” said Costa Howard. “By increasing the value of the Senior Citizen Homestead Exemption, we can ease their property tax burden a bit and make it easier for older homeowners to stay in the communities where they have built their lives and raised their families.”
The Senior Citizen Homestead Exemption was created to assist to Illinois homeowners who are 65 or older. The exemption reduces the home’s Equalized Assessed Valuation, or taxable value, which is roughly 33% of the home’s market value.
Right now, senior homeowners in Cook County receive a homestead exemption of $8,000 a year, while seniors in other counties receive a $5,000 exemption. Costa Howard’s House Bill 2430 would raise the value of the exemption to $8,000 in all 102 counties in Illinois.
“Homeowners in our area face some of the highest property tax bills in the country,” Costa Howard said. “Our seniors shouldn’t have to bear the burden of Illinois’ unfair tax system. By increasing the value of the Senior Citizen Homestead Exemption, we can give our older homeowners some breathing room when it comes time to pay their property taxes. I’m proud to sponsor HB 2430, and I will keep on fighting for meaningful property tax relief for DuPage homeowners.”
For more information, please contact Rep. Costa Howard’s constituent service office at RepTCH48@gmail.com.