Illinois seniors get bigger break on property tax

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City-_Ill_seniors_property_tax_break_Quinn.jpgGov. Pat Quinn (AP Photo)

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.

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