Legislation that streamlines property tax relief for seniors, veterans, and people with disabilities while also encouraging local taxing districts to lower their levy rate was signed into law by Governor Pritzker today. Assistant Minority Leader Rep. Keith Wheeler, R-Oswego, was Chief Co-Sponsor of the legislation, Senate Bill 1975.
“Fox Valley families need relief from the high cost of property taxes, which make it difficult especially for seniors and veterans on fixed incomes and folks with disabilities to afford to stay in their home,” Rep. Wheeler said. “This new law opens the door for hundreds of dollars in individual property tax savings per year. While more needs to be done to deliver property tax relief to every homeowner, this is a good first step to prioritize our most vulnerable neighbors.”
Senate Bill 1975 increases the general homestead exemption and senior citizens homestead exemption, reduces interest rates on tax deferrals for seniors, and allows for automatic renewal of the homestead exemption for qualified people with disabilities in Cook County. This new law is effective immediately.
By allowing taxing districts subject to the Property Tax Extension Law Limit (PTELL) to levy less today without losing access to additional property tax revenues in the future, Senate Bill 1975 incentivizes taxing districts to opt for the lowest necessary property tax rate – saving property taxpayers hundreds of dollars in savings in property taxes on an annual basis.
Additionally, exemptions for those receiving the Veterans with Disabilities Exemption will auto-renew if the qualifying veteran is deemed permanently and totally disabled by the U.S. Department of Veterans Affairs. The new law also provides for the surviving spouse of a deceased veteran to continue to receive the exemption earned and applied for by the veteran.
For questions or more information, please contact Representative Wheeler’s office at (630) 345-3464. Leader Wheeler serves the 50th District which includes portions of Kane and Kendall Counties.