Gov. Pat Quinn on Tuesday signed legislation to reduce property tax bills for Illinois seniors.
The bill, sponsored by Sen. Toi Hutchinson (D-Olympia Fields) and Rep. John Bradley (D-Marion), raises the senior homestead exemption for residents age 65 and older from $4,000 to $5,000, which could save them up to $200 a year.
The exemption takes effect in Cook County this year, Quinn's office said, and all other counties next year.
“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,” Quinn said.
Chicago seniors will see the increase applied to their taxable year 2012 taxes.
“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.”