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90_SB0046sam001
SRS90SB0046NCsaam01
1 AMENDMENT TO SENATE BILL 46
2 AMENDMENT NO. . Amend Senate Bill 46, on page 1, in
3 lines 1 and 2, by replacing the title with the following:
4 "AN ACT in relation to property taxes, amending named Acts.";
5 and,
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Senior Citizens Real Estate Tax Deferral Act
9 is amended by changing Section 3 as follows:
10 (320 ILCS 30/3) (from Ch. 67 1/2, par. 453)
11 Sec. 3. A taxpayer may, on or before March 1 of each
12 year, apply to the county collector of the county where his
13 qualifying property is located, or to the official designated
14 by a unit of local government to collect special assessments
15 on the qualifying property, as the case may be, for a
16 deferral of all or a part of real estate taxes payable during
17 that year for the preceding year in the case of real estate
18 taxes other than special assessments, or for a deferral of
19 any installments payable during that year in the case of
20 special assessments, on all or part of his qualifying
21 property. The application shall be on a form prescribed by
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1 the Department and furnished by the collector, showing that
2 (a) the applicant will be 65 years of age or older by June 1
3 of the year for which a tax deferral is claimed, (b)
4 describing the property and verifying that the property is
5 qualifying property as defined in Section 2, (c) certifying
6 that the taxpayer has owned and occupied as his residence
7 such property or other qualifying property in the State for
8 at least the last 3 years except for any periods during which
9 the taxpayer may have temporarily resided in a nursing or
10 sheltered care home, and (d) specifying whether the deferral
11 is for all or a part of the taxes, and, if for a part, the
12 amount of deferral applied for. As to qualifying property not
13 having a separate assessed valuation, the taxpayer shall also
14 file with the county collector a written appraisal of the
15 property prepared by a qualified real estate appraiser
16 together with a certificate signed by the appraiser stating
17 that he has personally examined the property and setting
18 forth the value of the land and the value of the buildings
19 thereon occupied by the taxpayer as his residence. The
20 collector shall grant the tax deferral provided such deferral
21 does not exceed funds available in the Senior Citizens Real
22 Estate Deferred Tax Revolving Fund and provided that the
23 owner or owners of such real property have entered into a tax
24 deferral and recovery agreement with the collector on behalf
25 of the county or other unit of local government, which
26 agreement expressly states:
27 (1) that the total amount of taxes deferred under this
28 Act, plus interest, for the year for which a tax deferral is
29 claimed as well as for those previous years for which taxes
30 are not delinquent and for which such deferral has been
31 claimed may not exceed 80% of the taxpayer's equity interest
32 in the property for which taxes are to be deferred and that,
33 if the total deferred taxes plus interest equals 80% of the
34 taxpayer's equity interest in the property, the taxpayer
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1 shall thereafter pay the annual interest due on such deferred
2 taxes plus interest so that total deferred taxes plus
3 interest will not exceed such 80% of the taxpayer's equity
4 interest in the property;
5 (2) that any real estate taxes deferred under this Act
6 and any interest accrued thereon at the rate of 6% per year
7 are a lien on the real estate and improvements thereon until
8 paid. No sale or transfer of such real property may be
9 legally closed and recorded until the taxes which would
10 otherwise have been due on the property, plus accrued
11 interest, have been paid unless the collector certifies in
12 writing that an arrangement for prompt payment of the amount
13 due has been made with his office. The same shall apply if
14 the property is to be made the subject of a contract of sale.
15 (3) that upon the death of the taxpayer claiming the
16 deferral the heirs-at-law, assignees or legatees shall have
17 first priority to the real property upon which taxes have
18 been deferred by paying in full the total taxes which would
19 otherwise have been due, plus interest. However, if such
20 heir-at-law, assignee, or legatee is a surviving spouse, the
21 tax deferred status of the property shall be continued during
22 the life of that surviving spouse if the spouse is 55 years
23 of age or older within 6 months of the date of death of the
24 taxpayer and enters into a tax deferral and recovery
25 agreement before the time when deferred taxes become due
26 under this Section. Any additional taxes deferred, plus
27 interest, on the real property under a tax deferral and
28 recovery agreement signed by a surviving spouse shall be
29 added to the taxes and interest which would otherwise have
30 been due, and the payment of which has been postponed during
31 the life of such surviving spouse, in determining the 80%
32 equity requirement provided by this Section.
33 (4) that if the taxes due, plus interest, are not paid
34 by the heir-at-law, assignee or legatee or if payment is not
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1 postponed during the life of a surviving spouse, the deferred
2 taxes and interest shall be recovered from the estate of the
3 taxpayer within one year of the date of his death. In
4 addition, deferred real estate taxes and any interest accrued
5 thereon are due within 90 days after any tax deferred
6 property ceases to be qualifying property as defined in
7 Section 2.
8 If payment is not made when required by this Section,
9 foreclosure proceedings may be instituted under the Property
10 Tax Code.
11 (5) that any joint owner or mortgagee holding a mortgage
12 on such property has given written prior approval for such
13 agreement, which written approval shall be made a part of
14 such agreement.
15 (6) that a guardian for a person under legal disability
16 appointed for a taxpayer who otherwise qualifies under this
17 Act may act for the taxpayer in complying with this Act.
18 (7) that a taxpayer or his agent has provided to the
19 satisfaction of the collector, sufficient evidence that the
20 qualifying property on which the taxes are to be deferred is
21 insured against fire or casualty loss for at least the total
22 amount of taxes which have been deferred.
23 If the taxes to be deferred are special assessments, the
24 unit of local government making the assessments shall forward
25 a copy of the agreement entered into pursuant to this Section
26 and the bills for such assessments to the county collector of
27 the county in which the qualifying property is located.
28 (Source: P.A. 88-670, eff. 12-2-94.)
29 Section 99. This Act takes effect upon becoming law.".