The corporate authorities of a county, by ordinance or resolution, may
impose additional criteria for qualifying for a deferral or exemption under
Act including, but not limited to, (i) requiring the owner-occupant to have
owned and occupied the same dwelling place as principal residence and domicile
for a period of more than 10 years, (ii) establishing age criteria for
eligibility of an owner-occupant, and (iii) establishing income criteria for
eligibility of an owner-occupant. A deferral or exemption, or combination thereof, under an ordinance or resolution adopted pursuant to this Act, may not exceed $20,000 in equalized assessed value per tax year.
(b) No penalties or interest shall accrue on the portion of any deferral
granted under this Act.
(c) Except as provided in subsection (d) of Section 15, school districts
and municipalities within a county to which this
Act applies may determine whether financial need, age, or both, of the
longtime owner-occupant shall be used to determine eligibility.
(Source: P.A. 93-715, eff. 7-12-04; 94-1074, eff. 12-26-06.)