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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3012 Introduced 1/5/2022, by Sen. Mike Simmons SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that the county board may designate a geographic area within the county as a flood zone. Provides that homestead property that is located within a flood zone is entitled to a reduction of $5,000 from the property's equalized assessed value for the tax year in which the area is designated as a flood zone.
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| | A BILL FOR |
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| | SB3012 | | LRB102 22883 HLH 32034 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 15-173.1 as follows:
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| 6 | | (35 ILCS 200/15-173.1 new) |
| 7 | | Sec. 15-173.1. Homestead exemption for property in a flood |
| 8 | | zone. Beginning with tax year 2023, if a geographic area |
| 9 | | within a county experiences excessive flooding in any tax |
| 10 | | year, the county board of the county may, by ordinance, |
| 11 | | designate that area as a flood zone for that tax year. |
| 12 | | Homestead property that is located within a flood zone is |
| 13 | | entitled to a reduction of $5,000 from the property's |
| 14 | | equalized assessed value for the tax year in which the area is |
| 15 | | designated as a flood zone. As used in this Section, |
| 16 | | "homestead property" has the meaning given to that term in |
| 17 | | Section 15-175.
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