A property tax measure designed to save homeowners a few hundred dollars is now law. Gov. Pat Quinn Tuesday signed into law a measure that raises the senior homestead exemption, for those 65 and over, from $4,000 to $5,000. “It’s a very, very important reform. It gives relief to the people who need it the most: Hard-working men and women who are living from paycheck to paycheck, or from pension check to pension check, …retirement check to retirement check,” he said.
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This should save the affected homeowners about $200 a year by reducing the taxable value of their homes. Ultimately the money that senior citizens save is paid by other property owners in the city, county, school district or other taxing district. The governor says it’s important to allow senior citizens to stay in their homes to stabilize neighborhoods. This applies statewide starting next year. S.B. 1894 was sponsored by State Sen. Toi Hutchinson (D-Olympia Fields) and State Rep. John Bradley (D-Marion).