January 2026

Great news for our senior citizen homeowners! To provide additional relief to homeowners on fixed incomes who are 65 years of age or older, the newly revised statute will increase the maximum household income eligibility requirements.

Beginning in 2026, the total maximum household income for the Low-Income Senior Citizen Assessment Freeze has been increased to $75,000 with additional increases in future years.

Updated Maximum Household Income

Benefits of the Exemption

Property’s assessed value is “frozen” at a base year, meaning that the taxable value does not change, providing protection from increases in taxable assessed value and resulting in a more stabilized property tax bill.  Note: This exemption does not “freeze” your taxes, only your taxable assessed value.

Eligibility Requirements:

• Be 65 years of age or older
• Own and occupy home as primary residence
• Have a total household income of $75,000 or less (2026)

Required Documentation

• State-issued ID
• 2025 Federal 1040 income tax forms for all people living in household
• Trust documents (only applicable for those with homes owned in trust)

How to Apply

This exemption must be renewed each year. Apply in-person – please phone ahead for an appointment, or apply online at assessor.lakecountyil.gov

Senior Homestead Exemption

In addition to the Senior Freeze, the Senior Homestead Exemption is available for any person 65 years of age or older who owns and occupies their home as their primary residence. There is no income limit for this exemption.

Additional Updates to the Senior Citizens Real Estate Tax Deferral Program

Recent updates also apply to income limits on the Senior Citizens Real Estate Tax Deferral Program. The deferral program functions similar to a loan against the property’s market value. Deferred amounts are “borrowed” from the state of Illinois, who pays up to $7,500 of the tax bill which is repaid after sale of home. Information on this program can be found through the Lake County Treasurer website.