HB4242 EngrossedLRB097 15225 HLH 60325 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 15-173 as follows:
 
6    (35 ILCS 200/15-173 new)
7    Sec. 15-173. Natural Disaster Assessment Freeze Homestead
8Exemption.
9    (a) This Section may be cited as the Natural Disaster
10Assessment Freeze Homestead Exemption.
11    (b) As used in this Section:
12    "Base amount" means the base year equalized assessed value
13of the residence, minus the value of any homestead exemptions
14provided under Section 15-172 claimed in the base year, plus
15the first year's equalized assessed value of any added
16improvements which increases the equalized assessed value of
17the residence in a subsequent taxable year after the exemption
18under this Section takes effect.
19    "Base year" means the taxable year prior to the taxable
20year in which the natural disaster occurred.
21    "Chief county assessment officer" means the County
22Assessor or Supervisor of Assessments of the county in which
23the property is located.

 

 

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1    "Equalized assessed value" means the assessed value as
2equalized by the Illinois Department of Revenue.
3    "Homestead property" has the meaning ascribed to that term
4in Section 15-175 of this Code.
5    "Natural disaster" means an occurrence of widespread or
6severe damage or loss of property resulting from any
7catastrophic cause including but not limited to fire, flood,
8earthquake, wind, storm, or extended period of severe inclement
9weather. In the case of a residential structure affected by
10flooding, the structure shall not be eligible for this
11homestead improvement exemption unless it is located within a
12local jurisdiction which is participating in the National Flood
13Insurance Program. A proclamation of disaster by the President
14of the United States or Governor of the State of Illinois is
15not a prerequisite to the classification of an occurrence as a
16natural disaster under this Section.
17    (c) An assessment freeze homestead exemption shall be
18granted by the chief county assessment officer for homestead
19properties containing a residential structure that has been
20rebuilt following a natural disaster occurring in taxable year
212012 or any taxable year thereafter. The amount of the
22exemption is the equalized assessed value of the residence in
23the taxable year for which application is made minus the base
24amount. To be eligible for an exemption under this Section: (i)
25the residential structure must be rebuilt within 2 years after
26the date of the natural disaster; and (ii) the square footage

 

 

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1of the rebuilt residential structure may not be more than 110%
2of the square footage of the original residential structure as
3it existed immediately prior to the natural disaster. The
4exemption shall continue until the taxable year in which the
5property is sold or transferred.
6    (d) To receive the exemption, the taxpayer shall submit an
7application to the chief county assessment officer of the
8county in which the property is located by July 1 of each
9taxable year. A county may, by resolution, establish a date for
10submission of applications that is different than July 1. The
11chief county assessment officer may require additional
12documentation to be provided by the applicant. The applications
13shall be clearly marked as applications for the Natural
14Disaster Assessment Freeze Homestead Exemption.
15    (e) Property is not eligible for an exemption under this
16Section and Section 15-180 for the same natural disaster or
17catastrophic event. The property may, however, remain eligible
18for an additional exemption under Section 15-180 for any
19separate event occurring after the property qualified for an
20exemption under this Section.
21    (f) The exemption under this Section carries over to the
22benefit of the surviving spouse as long as the spouse holds the
23legal or beneficial title to the homestead and permanently
24resides thereon.
25    (g) No person who receives an exemption under Section
2615-172 of this Code may receive an exemption under this Section

 

 

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1in the same taxable year.
2    (h) 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 90. The State Mandates Act is amended by adding
6Section 8.36 as follows:
 
7    (30 ILCS 805/8.36 new)
8    Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8
9of this Act, no reimbursement by the State is required for the
10implementation of any mandate created by this amendatory Act of
11the 97th General Assembly.
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.