State of Illinois
91st General Assembly
Legislation

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[ Engrossed ][ Enrolled ][ Senate Amendment 001 ]

91_SB0034

 
                                               LRB9101533PTpk

 1        AN ACT to amend the Property Tax Code by changing Section
 2    15-175.

 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 15-175 as follows:

 7        (35 ILCS 200/15-175)
 8        Sec.  15-175.   General  homestead  exemption.  Homestead
 9    property  is  entitled  to  an  annual  homestead   exemption
10    limited,   except   as   described   here  with  relation  to
11    cooperatives, to a reduction in the equalized assessed  value
12    of  homestead  property  equal  to  the increase in equalized
13    assessed value for the  current  assessment  year  above  the
14    equalized  assessed value of the property for 1977, up to the
15    maximum reduction set  forth  below.  If  however,  the  1977
16    equalized  assessed  value  upon  which  taxes  were  paid is
17    subsequently determined by  local  assessing  officials,  the
18    Property Tax Appeal Board, or a court to have been excessive,
19    the equalized assessed value which should have been placed on
20    the  property  for 1977 shall be used to determine the amount
21    of the exemption.
22        The maximum reduction shall be $4,500  in  counties  with
23    3,000,000  or  more  inhabitants  and  $3,500  in  all  other
24    counties.
25        In  counties  with  fewer than 3,000,000 inhabitants, if,
26    based on the most recent assessment, the  equalized  assessed
27    value  of  the  homestead property for the current assessment
28    year is greater than the  equalized  assessed  value  of  the
29    property   for   1977,   the  owner  of  the  property  shall
30    automatically  receive  the  exemption  granted  under   this
31    Section  in  an  amount  equal  to the increase over the 1977
 
                            -2-                LRB9101533PTpk
 1    assessment up to the maximum  reduction  set  forth  in  this
 2    Section.
 3        If  in  any  assessment  year  beginning  with  the  1999
 4    assessment  year, homestead property has a pro-rata valuation
 5    under Section 9-180 resulting in an increase in the  assessed
 6    valuation,  a reduction in equalized assessed valuation equal
 7    to the increase in equalized assessed value of  the  property
 8    for  the  year  of the pro-rata valuation above the equalized
 9    assessed value of the property for 1977 shall be  applied  to
10    the  property  on  a  proportionate  basis for the period the
11    property  qualified  as   homestead   property   during   the
12    assessment   year.    The   maximum  proportionate  homestead
13    exemption shall not exceed the  maximum  homestead  exemption
14    allowed  in  the county under this Section divided by 365 and
15    multiplied by the number of days the  property  qualified  as
16    homestead property.
17        "Homestead   property"   under   this   Section  includes
18    residential property that is occupied by its owner or  owners
19    as  his  or  their  principal  dwelling  place,  or that is a
20    leasehold interest on which  a  single  family  residence  is
21    situated,  which  is  occupied as a residence by a person who
22    has an ownership interest therein, legal or equitable or as a
23    lessee, and on which the person is liable for the payment  of
24    property  taxes. For land improved with an apartment building
25    owned and operated as a cooperative or a building which is  a
26    life   care   facility  as  defined  in  Section  15-170  and
27    considered to be a  cooperative  under  Section  15-170,  the
28    maximum  reduction from the equalized assessed value shall be
29    limited to the increase in  the  value  above  the  equalized
30    assessed  value  of  the property for 1977, up to the maximum
31    reduction set  forth  above,  multiplied  by  the  number  of
32    apartments  or  units  occupied by a person or persons who is
33    liable, by contract with the owner or owners of  record,  for
34    paying  property  taxes  on  the  property and is an owner of
 
                            -3-                LRB9101533PTpk
 1    record of a legal or equitable interest  in  the  cooperative
 2    apartment  building,  other  than  a  leasehold interest. For
 3    purposes of this Section, the term "life care  facility"  has
 4    the meaning stated in Section 15-170.
 5        In  a  cooperative  where  a homestead exemption has been
 6    granted, the cooperative association or its  management  firm
 7    shall  credit  the savings resulting from that exemption only
 8    to the apportioned tax liability of the owner  who  qualified
 9    for  the  exemption.   Any person who willfully refuses to so
10    credit the savings shall be guilty of a Class B misdemeanor.
11        Where married persons maintain  and  reside  in  separate
12    residences  qualifying  as homestead property, each residence
13    shall  receive  50%  of  the  total  reduction  in  equalized
14    assessed valuation provided by this Section.
15        In counties with more  than  3,000,000  inhabitants,  the
16    assessor or chief county assessment officer may determine the
17    eligibility  of residential property to receive the homestead
18    exemption by application, visual inspection, questionnaire or
19    other reasonable methods.  The determination shall be made in
20    accordance with guidelines established by the Department.  In
21    counties with fewer than 3,000,000 inhabitants, in the  event
22    of a sale of homestead property the homestead exemption shall
23    remain  in effect for the remainder of the assessment year of
24    the sale.  The assessor or chief  county  assessment  officer
25    may  require  the  new owner of the property to apply for the
26    homestead exemption for the following assessment year.
27    (Source: P.A. 90-368, eff.  1-1-98;  90-552,  eff.  12-12-97;
28    90-655, eff. 7-30-98.)

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

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