103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4437

 

Introduced 1/16/2024, by Rep. Maurice A. West, II

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-190 new

    Amends the Property Tax Code. Creates a homestead exemption, subject to certain limitations, for property that is located within a special flood hazard area as identified by the Federal Emergency Management Agency. Provides that the amount of the exemption shall be a reduction in the property's equalized assessed value of $5,000. Effective immediately.


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A BILL FOR

 

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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 15-190 as follows:
 
6    (35 ILCS 200/15-190 new)
7    Sec. 15-190. Residential affordability in flood threatened
8areas homestead exemption.
9    (a) Beginning in taxable year 2025, subject to the
10limitations set forth in subsection (b), a homestead exemption
11shall be granted by the chief county assessment officer for
12homestead property that is located within a special flood
13hazard area as identified by the Federal Emergency Management
14Agency. The amount of the exemption shall be a reduction in the
15property's equalized assessed value of $5,000.
16    (b) Homestead property is not eligible for the exemption
17under this Section if:
18        (1) construction of the primary residence on the
19    property was initially completed on or after the date on
20    which the property was first included in the special flood
21    hazard area; or
22        (2) the property is owned and used as the primary
23    residence of a person or persons whose household income

 

 

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1    exceeds 120% of the area median income as defined by the
2    United States Department of Housing and Urban Development.
3    (c) To receive the exemption under this Section, the
4taxpayer shall submit an application to the chief county
5assessment officer of the county in which the property is
6located by July 1 of each taxable year. A county may, by
7resolution, establish a date for submission of applications
8that is different than July 1. The chief county assessment
9officer may determine the eligibility of residential property
10to receive the homestead exemption under this Section by
11application, visual inspection, questionnaire, or other
12reasonable methods.
13    (d) The application shall be clearly marked as an
14application for the Residential Affordability in Flood
15Threatened Areas Exemption.
16    (e) As used in this Section:
17    "Chief county assessment officer" means the county
18assessor or supervisor of assessments of the county in which
19the property is located.
20    "Homestead property" has the meaning given to that term in
21Section 15-175 of this Code.
22    "Household" means the applicant, the spouse of the
23applicant, and all persons using the residence of the
24applicant as their principal place of residence.
25    "Household income" means the combined income of the
26members of a household for the calendar year preceding the

 

 

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1taxable year.
2    (f) Notwithstanding Sections 6 and 8 of the State Mandates
3Act, no reimbursement by the State is required for the
4implementation of any mandate created by this Section.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.