101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3057

 

Introduced , by Rep. Sonya M. Harper

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-186 new

    Amends the Property Tax Code. Creates a school tax reduction homestead exemption. Provides that, for the purpose of calculating taxes levied by a school district, there shall be a reduction from the equalized assessed value of qualified homestead property equal to the exempt amount. Sets forth the calculation of the exempt amount. Provides that "qualified homestead property" means homestead property owned by persons with a household income of less than $500,000 per year.


LRB101 03627 HLH 48635 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3057LRB101 03627 HLH 48635 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 15-186 as follows:
 
6    (35 ILCS 200/15-186 new)
7    Sec. 15-186. School tax reduction (STAR) homestead
8exemption.
9    (a) The exemption provided in this Section shall be used
10when calculating the property taxes levied by a school
11district. For taxable years beginning on or after January 1,
122020, there shall be a reduction from the equalized assessed
13value of qualified homestead property equal to the exempt
14amount. The exempt amount for each property shall be determined
15annually by multiplying the base figure by the
16locally-applicable sales price differential factor, if any, as
17determined by the Department, and multiplying the product by
18the State equalization factor. The result is then rounded to
19the nearest multiple of ten dollars.
20    (b) As used in this Section:
21    "Base figure" means $10,000, multiplied each year by the
22percentage increase in the Consumer Price Index for Urban Wage
23Earners and Clerical Workers (CPI-W) published by the United

 

 

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1States Department of Labor, Bureau of Labor Statistics, for the
2third quarter of the calendar year preceding the applicable
3school year, as compared to the third quarter of the prior
4calendar year. If a base figure as so determined is not exactly
5equal to a multiple of one hundred dollars, it shall be rounded
6to the nearest multiple of one hundred dollars.
7    "Sales price differential factor" means the average price
8of residential property in the county divided by the statewide
9average. The sales price of property which is held in
10condominium or cooperative form of ownership shall not be
11considered when determining median sales prices pursuant to
12this paragraph. If the median residential sales price is lower
13than the statewide average, the sales price differential factor
14is 1.0000.
15    "Qualified homestead property" means homestead property,
16as defined in Section 15-175, owned by persons with a household
17income, as defined in Section 15-172, of less than $500,000 per
18year.