State of Illinois
91st General Assembly
Legislation

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91_SB1312

 
                                               LRB9108554SMpr

 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-                LRB9108554SMpr
 1    assessment  up  to  the  maximum  reduction set forth in this
 2    Section.
 3        If  in  any  assessment  year  beginning  with  the  2000
 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-                LRB9108554SMpr
 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; 91-346, eff. 7-29-99.)

29        Section  99.   Effective  date.   This  Act  takes effect
30    January 1, 2001.

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