HB4648 94TH GENERAL ASSEMBLY

LRB094 17015 BDD 52296 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4648

Introduced 1/12/2006, by Rep. Jack D. Franks

SYNOPSIS AS INTRODUCED:

35 ILCS 200/10-17 new

Amends the Property Tax Code. Provides that the assessed value of homestead property may not be increased, except for improvements made to the property, over the value of that property in the preceding assessment year by an amount that exceeds the lesser of 3% or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the current assessment year. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Property Tax Code is amended by adding Section 10-17 as follows:

(35 ILCS 200/10-17 new)

Sec. 10-17. Homestead assessment limitation. Notwithstanding any other provision of this Act, the assessed value of homestead property may not be increased, except for improvements made to the property, over the value of that property in the preceding assessment year by an amount that exceeds the lesser of 3% or the percentage increase in the Consumer Price Index, as defined in Section 18-185, during the 12-month calendar year preceding the current assessment year.

Section 99. Effective date. This Act takes effect upon becoming law.