Illinois seniors get bigger break on property tax

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Chicago -- 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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