(35 ILCS 200/15-180)
Sec. 15-180. Homestead improvements. Homestead properties that have been
improved and residential structures on homestead property that have been
rebuilt following a catastrophic event are entitled to a homestead improvement
exemption, limited to $30,000 per year through December 31, 1997,
$45,000 beginning January 1, 1998 and through December 31, 2003, and $75,000
per year for that homestead property beginning
January 1, 2004
and thereafter, in fair cash value, when that
property
is owned and used exclusively for a residential purpose and upon demonstration
that a proposed increase in assessed value is attributable solely to a new
improvement of an existing structure or the rebuilding of a residential
structure following a catastrophic event. To be eligible for an exemption
under this Section after a catastrophic event, the residential structure must
be rebuilt within 2 years after the catastrophic event. The exemption for
rebuilt structures under this Section applies to the increase in value of the
rebuilt structure over the value of the structure before the catastrophic
event. The amount of the exemption shall be limited to the fair cash value
added by the new improvement or rebuilding and shall continue
for 4 years from
the date the improvement or rebuilding is completed and occupied, or until the
next following general assessment of that property, whichever is later.
A proclamation of disaster by the President of the United States or Governor
of the State of Illinois is not a prerequisite to the classification of an
occurrence as a catastrophic event under this Section. A "catastrophic event"
may include an occurrence of widespread or severe damage or loss of property
resulting from any catastrophic cause including but not limited to fire,
including arson (provided the fire was not caused by the willful action of an
owner or resident of the property), flood, earthquake, wind, storm, explosion,
or extended periods of severe inclement weather. In the case of a residential
structure affected by flooding, the structure shall not be eligible for this
homestead improvement exemption unless it is located within a local
jurisdiction which is participating in the National Flood Insurance Program.
In counties of less than 3,000,000 inhabitants, in addition to the notice
requirement under Section 12-30, a supervisor of assessments, county assessor,
or township or multi-township assessor responsible for adding an assessable
improvement to a residential property's assessment shall either notify a
taxpayer whose assessment has been changed since the last preceding assessment
that he or she may be eligible for the exemption provided under this Section or
shall grant the exemption automatically.
Beginning January 1, 1999, in counties of 3,000,000 or more inhabitants,
an application for a
homestead
improvement exemption for a residential structure that has been rebuilt
following a catastrophic event must be submitted to the Chief County Assessment
Officer with a valuation complaint and a copy of the building permit to rebuild
the structure. The Chief County Assessment Officer may require additional
documentation which must be provided by the applicant.
Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.
(Source: P.A. 93-715, eff. 7-12-04.)
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(35 ILCS 200/15-185)
Sec. 15-185. Exemption for leaseback property and qualified leased property.
(a) Notwithstanding anything in this Code to
the
contrary, all property owned by a municipality with a population of over
500,000
inhabitants, a unit of local government whose jurisdiction includes
territory located in
whole or in part within a municipality with a population of over 500,000
inhabitants, or a municipality with home rule powers that is contiguous to a municipality with a population of over 500,000 inhabitants,
shall remain exempt from taxation and any leasehold interest in that property
shall not be
subject to taxation under Section 9-195 if
the
property is directly or indirectly leased, sold, or otherwise transferred to
another entity
whose property is not exempt and immediately thereafter is the subject of a
leaseback or
other agreement that directly or indirectly gives the municipality or unit of
local
government (i) a right to use, control, and possess the property or (ii) a
right to require
the other entity, or the other entity's designee or assignee, to use the
property in the
performance of services for the municipality or unit of local government. Property
shall no longer be exempt under this subsection as of the date when the right of
the
municipality or unit of local government to use, control, and possess the
property or to
require the performance of services is terminated and the municipality or unit
of local
government no longer has any option to purchase or otherwise reacquire the
interest in
the property which was transferred by the municipality or unit of local
government.
(b) Notwithstanding anything in this Code to
the
contrary, all property owned by a municipality with a population of over
500,000
inhabitants, a unit of local government whose jurisdiction includes
territory located in
whole or in part within a municipality with a population of over 500,000
inhabitants, or a municipality with home rule powers that is contiguous to a municipality with a population of over 500,000 inhabitants,
shall remain exempt from taxation and any leasehold interest in that property
is not
subject to taxation under Section 9-195 if the property, including dedicated public property, is used by a municipality or other unit of local government for the purpose of parking and is leased for continued use for the same purpose to another entity whose property is not exempt. If property located in a municipality with a population of more than 500,000 inhabitants is not subject to taxation due to its use for the purpose of parking, and any portion of the property is used for a purpose other than parking, that portion of the property shall be subject to taxation under Section 9-195 for the period of time during which it is used for that non-exempt purpose; provided, however, that the use of a portion of such property for a non-exempt purpose shall have no effect on (i) the exemption of the remaining portion of the property that continues to be used for an exempt purpose, as identified in this subsection, or (ii) the future exemption of that same portion of the property if it ceases to be used for a non-exempt purpose and returned to use for an exempt purpose as identified in this subsection. No taxes shall be assessed on any portion of the property identified in this subsection prior to the effective date of this amendatory Act of the 101st General Assembly. Any transaction described under this subsection must be undertaken in accordance with all appropriate federal laws and regulations. (c) For purposes of this Section, "municipality" means a municipality as defined
in
Section 1-1-2 of the Illinois Municipal Code, and "unit of local government"
means a unit
of local government as defined in Article VII, Section 1 of the Constitution of
the State of
Illinois. The provisions of this Section supersede and control over any
conflicting
provisions of this Code.
(Source: P.A. 101-551, eff. 1-1-20 .)
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(35 ILCS 200/Tit. 5 heading) TITLE 5.
REVIEW AND EQUALIZATION
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(35 ILCS 200/Art. 16 heading) Article 16.
Review of Assessment Decisions
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(35 ILCS 200/Art. 16 Div. 1 heading) Division 1.
General provisions
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