96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2032

 

Introduced 2/20/2009, by Sen. Chris Lauzen

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-182 new

    Amends the Property Tax Code. Provides that the county clerk shall abate the taxes imposed on property that qualifies for the senior citizens assessment freeze homestead exemption under Section 15-172, in an amount equal to 50% of the taxes attributable to the first $200,000 market value of the residence. Provides that the State shall reimburse each taxing district for the lost revenue. Effective immediately.


LRB096 11224 HLH 21629 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2032 LRB096 11224 HLH 21629 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Property Tax Code is amended by adding
5 Section 18-182 as follows:
 
6     (35 ILCS 200/18-182 new)
7     Sec. 18-182. Property subject to the senior citizens
8 assessment freeze homestead exemption. Beginning in taxable
9 year 2009, the county clerk shall abate the property taxes
10 imposed on property that qualifies for the senior citizens
11 assessment freeze homestead exemption under Section 15-172, in
12 an amount equal to 50% of the taxes attributable to the first
13 $200,000 market value of the residence. The State shall
14 reimburse each taxing district in an amount equal to the
15 revenue lost by that taxing district as a result of an
16 abatement under this Section.
 
17     Section 99. Effective date. This Act takes effect upon
18 becoming law.