www.illinois.gov

Pat Quinn, Governor

State Links Skip to Content Skip to State Links

 Government
 Business
 Employment
 Education
 Health & Safety
 Family & Home
 Visiting
 About Illinois
 Illinois.gov

Stay Informed

Your Government


Illinois Flag Honors

Inspector General


 IGNN: State/All Press Release

ILLINOIS NEWS
The State of Illinois News page provides access to the Illinois Government News Network and all state press releases.


FOR IMMEDIATE RELEASE
April 23, 2013

Governor Quinn Signs Property Tax Relief Law
New Law Increases Senior Homestead Exemption, General Homestead Exemption

CHICAGO – Governor Pat Quinn today signed legislation that will reduce property tax bills for seniors across Illinois. Senate Bill 1894 raises the senior homestead exemption from $4,000 to $5,000 – potentially saving seniors up to more than $200 annually. This new exemption for seniors takes effect for Cook County this year.

“The new law will reduce property tax bills for seniors across Illinois,” Governor Quinn said. “This boost in savings will relieve some of the financial burden faced by seniors and working families, and help ensure no one struggles to stay in their home.”

Sponsored by Senator Toi Hutchinson (D-Olympia Fields) and Representative John Bradley (D-Marion), SB 1894 increases the Senior Homestead Exemption – property tax breaks for Illinois residents age 65 and older – from $4,000 to $5,000. Seniors in the city of Chicago will have the increase applied to their taxable year 2012 taxes, due in 2013. All other counties will benefit from the increase beginning next year.

In addition, this bill raises the general homestead exemption for Cook County starting next year. Originally phased-in over three years, Cook County’s Alternative General Homestead Exemption was designed to limit yearly increases and assessments on residential property. Cook County currently has a seven percent exemption cap, while the rest of the state maintains a flat exemption rate of $6,000. The new law moves Cook County to a flat exemption rate of $7,000 beginning taxable year 2012.

City of Chicago homeowners will be the first to benefit from the increased exemption as the seven percent cap expires in the city this year. Chicago’s maximum reduction under the cap would have decreased from $8,000 to $6,000, but SB 1894 bumps up the maximum to $7,000. Northern Cook County will begin benefitting from the increase in 2014 when the cap expires in that region, and Southern Cook County will begin benefitting in 2015.

“Property owners throughout Cook County have seen their taxes increase year after year,” Sen. Hutchinson said. “This will go a long way for many families who continue to struggle to make ends meet.”

“This is good public policy that will help take some of the sting away as the 7 percent provision expires,” Assessor Berrios said. “Due to the quick action of the state legislature and the governor, the additional exemption savings will be seen on second-installment bills Cook County homeowners will receive this summer.”

The law is effective immediately.



RAW TAPEGovernor signs property tax relief law for seniors. Photos from this event are available on our Facebook page.

RAW TAPEQ & A w/Governor Pat Quinn after senior event in Chicago.


###

News Categories

 State/All
 Governor's Office
 Lt. Governor's Office
 Agriculture
 Budget/Fiscal
 Business
 Children/Families
 Culture
 Disabilities
 Economic Development
 Education
 Environment
 Flag Honors
 Health/Human Services
 History
 Infrastructure
 Opportunity Returns
 Recovery
 Safety/Security
 Technology
 Tourism/Recreation
 Transportation
 Workforce/Jobs

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement

Features

Sign up for an e-news subscription
Copyright © 2014 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us