Found on the Chicago Tribune:
- change the homestead standard deduction amount of 60% of the homestead’s assessed value if the value is more than $125,000 or $48,000 plus 60% of the remaining assessed value if the homestead has an assessed value of $125,000 or less.
- change the homestead standard deduction amount of 60% of the homestead’s assessed value if the value is more than $125,000 or $48,000 plus 60% of the remaining assessed value if the homestead has an assessed value of $125,000 or less.
- include a cap the maximum levy growth quotient at 0% pay in 2026, 1% pay in 2027 and 2% pay in 2028
- allows counties the option to set up a process for a homeowner to defer up to $500 of their property taxes annually. The total amount that could be deferred is $10,000. All deferred property taxes would become a lien on the property, and would have to be paid off before the home could be sold.
- a veteran with either a total disability or 62 years of age with a partial disability would see an increase in deduction from $14,000 to $20,000 with a change in the assessed value limit from $240,000 to $300,000,
- For those 65 years or older, the income limit for deduction and credit shifts to $60,000 from $30,000 for a single filer and to $70,000 from $40,000 for a joint filer. It also changes the assessed value limit from $240,000 to $300,000,
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I brought the tax deferral idea to Illinois.
