HB4908 95TH GENERAL ASSEMBLY

LRB095 19541 BDD 45863 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4908

Introduced , by Rep. Timothy L. Schmitz

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-7 new

Amends the Property Tax Code. Provides that, beginning with the 2009 assessment year and unless otherwise stated, the maximum amount of each homestead exemption is increased over the maximum amount of that exemption for the prior year by an amount equal to the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics. 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 15-7 as follows:

(35 ILCS 200/15-7 new)

Sec. 15-7. Homestead exemptions; maximum limits. Beginning with the 2009 assessment year and unless otherwise stated, the maximum amount of each homestead exemption under this Article 15 is increased over the maximum amount of that exemption for the prior year by an amount equal to the annual rate of increase, for the previous calendar year, of the Consumer Price Index for All Urban Consumers for all items, published by the United States Bureau of Labor Statistics.

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