State of Illinois
91st General Assembly
Legislation

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91_SB0199

 
                                               LRB9100857PTpk

 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  all counties
23    with 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-                LRB9100857PTpk
 1    assessment up to the maximum  reduction  set  forth  in  this
 2    Section.
 3        "Homestead   property"   under   this   Section  includes
 4    residential property that is occupied by its owner or  owners
 5    as  his  or  their  principal  dwelling  place,  or that is a
 6    leasehold interest on which  a  single  family  residence  is
 7    situated,  which  is  occupied as a residence by a person who
 8    has an ownership interest therein, legal or equitable or as a
 9    lessee, and on which the person is liable for the payment  of
10    property  taxes. For land improved with an apartment building
11    owned and operated as a cooperative or a building which is  a
12    life   care   facility  as  defined  in  Section  15-170  and
13    considered to be a  cooperative  under  Section  15-170,  the
14    maximum  reduction from the equalized assessed value shall be
15    limited to the increase in  the  value  above  the  equalized
16    assessed  value  of  the property for 1977, up to the maximum
17    reduction set  forth  above,  multiplied  by  the  number  of
18    apartments  or  units  occupied by a person or persons who is
19    liable, by contract with the owner or owners of  record,  for
20    paying  property  taxes  on  the  property and is an owner of
21    record of a legal or equitable interest  in  the  cooperative
22    apartment  building,  other  than  a  leasehold interest. For
23    purposes of this Section, the term "life care  facility"  has
24    the meaning stated in Section 15-170.
25        In  a  cooperative  where  a homestead exemption has been
26    granted, the cooperative association or its  management  firm
27    shall  credit  the savings resulting from that exemption only
28    to the apportioned tax liability of the owner  who  qualified
29    for  the  exemption.   Any person who willfully refuses to so
30    credit the savings shall be guilty of a Class B misdemeanor.
31        Where married persons maintain  and  reside  in  separate
32    residences  qualifying  as homestead property, each residence
33    shall  receive  50%  of  the  total  reduction  in  equalized
34    assessed valuation provided by this Section.
 
                            -3-                LRB9100857PTpk
 1        In counties with more  than  3,000,000  inhabitants,  the
 2    assessor or chief county assessment officer may determine the
 3    eligibility  of residential property to receive the homestead
 4    exemption by application, visual inspection, questionnaire or
 5    other reasonable methods.  The determination shall be made in
 6    accordance with guidelines established by the Department.  In
 7    counties with fewer than 3,000,000 inhabitants, in the  event
 8    of a sale of homestead property the homestead exemption shall
 9    remain  in effect for the remainder of the assessment year of
10    the sale.  The assessor or chief  county  assessment  officer
11    may  require  the  new owner of the property to apply for the
12    homestead exemption for the following assessment year.
13    (Source: P.A. 90-368, eff.  1-1-98;  90-552,  eff.  12-12-97;
14    90-655, eff. 7-30-98.)

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