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90_HB2327
35 ILCS 200/15-180
Amends the Property Tax Code. Provides that in counties
of 3,000,000 or more inhabitants, an application for a
homestead improvement 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. Provides that the Chief County Assessment Officer
may require additional information.
LRB9007307KDsb
LRB9007307KDsb
1 AN ACT to amend the Property Tax Code by changing Section
2 15-180.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 15-180 as follows:
7 (35 ILCS 200/15-180)
8 Sec. 15-180. Homestead improvements. Homestead
9 properties that have been improved and residential structures
10 on homestead property that have been rebuilt following a
11 catastrophic event are entitled to a homestead improvement
12 exemption, limited to $30,000 per year through December 31,
13 1997, and $45,000 beginning January 1, 1998 and thereafter,
14 in fair cash value, when that property is owned and used
15 exclusively for a residential purpose and upon demonstration
16 that a proposed increase in assessed value is attributable
17 solely to a new improvement of an existing structure or the
18 rebuilding of a residential structure following a
19 catastrophic event. To be eligible for an exemption under
20 this Section after a catastrophic event, the residential
21 structure must be rebuilt within 2 years after the
22 catastrophic event. The exemption for rebuilt structures
23 under this Section applies to the increase in value of the
24 rebuilt structure over the value of the structure before the
25 catastrophic event. The amount of the exemption shall be
26 limited to the fair cash value added by the new improvement
27 or rebuilding and shall continue for 4 years from the date
28 the improvement or rebuilding is completed and occupied, or
29 until the next following general assessment of that property,
30 whichever is later.
31 A proclamation of disaster by the President of the United
-2- LRB9007307KDsb
1 States or Governor of the State of Illinois is not a
2 prerequisite to the classification of an occurrence as a
3 catastrophic event under this Section. A "catastrophic
4 event" may include an occurrence of widespread or severe
5 damage or loss of property resulting from any catastrophic
6 cause including but not limited to fire, including arson
7 (provided the fire was not caused by the willful action of an
8 owner or resident of the property), flood, earthquake, wind,
9 storm, explosion, or extended periods of severe inclement
10 weather. In the case of a residential structure affected by
11 flooding, the structure shall not be eligible for this
12 homestead improvement exemption unless it is located within a
13 local jurisdiction which is participating in the National
14 Flood Insurance Program.
15 In counties of less than 3,000,000 inhabitants, in
16 addition to the notice requirement under Section 12-30, a
17 supervisor of assessments, county assessor, or township or
18 multi-township assessor responsible for adding an assessable
19 improvement to a residential property's assessment shall
20 either notify a taxpayer whose assessment has been changed
21 since the last preceding assessment that he or she may be
22 eligible for the exemption provided under this Section or
23 shall grant the exemption automatically.
24 In counties of 3,000,000 or more inhabitants, an
25 application for a homestead improvement exemption for a
26 residential structure that has been rebuilt following a
27 catastrophic event must be submitted to the Chief County
28 Assessment Officer with a valuation complaint and a copy of
29 the building permit to rebuild the structure. The Chief
30 County Assessment Officer may require additional
31 documentation which must be provided by the applicant.
32 (Source: P.A. 88-455; 89-595, eff. 1-1-97; 89-690, eff.
33 6-1-97; 90-14, eff. 7-1-97; 90-186, eff. 7-24-97; revised
34 10-15-97)