HB1165 97TH GENERAL ASSEMBLY

LRB097 06423 HLH 46505 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1165

Introduced 02/08/11, by Rep. Patrick J. Verschoore

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-190 new

Amends the Property Tax Code. Provides that each parcel of property that qualifies for a homestead exemption under the Code shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property. 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 15-190 as follows:

(35 ILCS 200/15-190 new)

Sec. 15-190. Minimum equalized assessed valuation. Notwithstanding any other provision of law, beginning in taxable year 2011, each parcel of property that qualifies for a homestead exemption provided under this Article 15 shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property.

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