30-Year Senior Homestead Property Tax Exemption
Would create a 30-year property tax exemption for homeowners age 65 and older
Sponsored by Sen. TBD · TBD · TBD
Impact Tags
What This Bill Does
Creates a new property tax exemption for Illinois homeowners who are 65 or older and have lived in their home for 30+ years. Qualifying seniors would receive a significant reduction in their annual property tax bill. Cook County has among the highest property tax rates in the nation — this bill would directly benefit long-term senior residents.
Fiscal Impact: Estimated reduction in Cook County property tax revenue — amount not yet published by ILGA fiscal note.
What Supporters Say
- +Long-term senior homeowners on fixed incomes face displacement due to rising property taxes
- +Rewards community stability and encourages seniors to stay in their homes and neighborhoods
- +Cook County's property tax burden is among the highest in the nation — relief is overdue
What Critics Say
- −Reduces property tax revenue that funds schools, parks, and county services
- −Benefits accrue to homeowners, not renters — the majority of Cook County residents
- −30-year residency requirement may disadvantage seniors who moved to the area later in life
Bill Timeline
2026-01-01 · Senate
Filed
2026-02-01 · Senate
Referred to committee
Take Action
Effective date: TBD upon signing
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