HB5558 93RD GENERAL ASSEMBLY

LRB093 17355 SJM 43021 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5558

Introduced 02/06/04, by Michael J. Madigan

SYNOPSIS AS INTRODUCED:

35 ILCS 250/5

Amends the Longtime Owner-Occupant Property Tax Relief Act concerning the public policy of the Act. Makes a technical change.

A BILL FOR

AN ACT concerning taxes.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Longtime Owner-Occupant Property Tax Relief Act is amended by changing Section 5 as follows:

(35 ILCS 250/5)

Sec. 5. Public policy. In recognition of the severe economic circumstances of certain longtime owner-occupants of residences who are faced with rising living costs and constantly increasing tax burdens in areas where real property values have risen markedly as a result consequence of the renovation of other deteriorating residences or the construction of new residences, the General Assembly considers it to be a matter of sound public policy for counties having a population of 100,000 or more to adopt uniform special real property tax relief provisions in order to allow longtime owner-occupants of residences to remain in peaceful possession of their homes.

(Source: P.A. 88-451.)