Legislation designed to reduce property tax bills for Illinois seniors is now law.
The bill raises the homestead exemption for Illinois residents age 65 and older by $1,000, from $4,000 to $5,000.
Gov. Pat Quinn signed it into law on Tuesday. The move could save seniors roughly $200 a year.
The new law also raises the general exemption in cook county starting in 2014. The county has a 7 percent exemption cap while everywhere else in the state there’s a flat exemption of $6,000. Now cook county has a flat exemption of $7,000.
Quinn says home ownership is key to strong neighborhoods.