HB4840 95TH GENERAL ASSEMBLY

LRB095 17769 BDD 43845 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4840

Introduced , by Rep. William B. Black

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-179 new

Amends the Property Tax Code. Requires the county clerk to abate a percentage of the property taxes levied on each parcel of property. Sets forth the amount of the exemption based upon the Judicial District in which the property is located. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

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 18-179 as follows:

(35 ILCS 200/18-179 new)

Sec. 18-179. Homestead abatement.

(a) The county clerk shall abate the taxes levied on each parcel of homestead property. The amount of the abatement is as follows:

(1) For homestead property that is located in the First Judicial District, the abatement is the amount of the taxes levied that exceeds $15,000;

(2) For homestead property that is located in the Second Judicial District, the abatement is the amount of the taxes levied that exceeds $15,000;

(3) For homestead property that is located in the Third Judicial District, the abatement is the amount of the taxes levied that exceeds $12,500;

(4) For homestead property that is located in the Fourth Judicial District, the abatement is the amount of the taxes levied that exceeds $10,000; and

(5) For homestead property that is located in the Fifth Judicial District, the abatement is the amount of the taxes levied that exceeds $7,500.

(b) This abatement must be applied proportionally to the property tax levies of each taxing district that levies a property tax on the property.

(c) The Department must adopt rules concerning abatements under this Section and must prepare an application form for applicants to present to the county clerk when seeking an abatement under this Section.

(d) This Section applies to taxes levied in the 2008 taxable year and thereafter.

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