HB4242 EnrolledLRB097 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 Homestead Exemption.
8    (a) This Section may be cited as the Natural Disaster
9Homestead Exemption.
10    (b) As used in this Section:
11    "Base amount" means the base year equalized assessed value
12of the residence.
13    "Base year" means the taxable year prior to the taxable
14year in which the natural disaster occurred.
15    "Chief county assessment officer" means the County
16Assessor or Supervisor of Assessments of the county in which
17the property is located.
18    "Equalized assessed value" means the assessed value as
19equalized by the Illinois Department of Revenue.
20    "Homestead property" has the meaning ascribed to that term
21in Section 15-175 of this Code.
22    "Natural disaster" means an occurrence of widespread or
23severe damage or loss of property resulting from any

 

 

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1catastrophic cause including but not limited to fire, flood,
2earthquake, wind, storm, or extended period of severe inclement
3weather. In the case of a residential structure affected by
4flooding, the structure shall not be eligible for this
5homestead improvement exemption unless it is located within a
6local jurisdiction which is participating in the National Flood
7Insurance Program. A proclamation of disaster by the President
8of the United States or Governor of the State of Illinois is
9not a prerequisite to the classification of an occurrence as a
10natural disaster under this Section.
11    (c) A homestead exemption shall be granted by the chief
12county assessment officer for homestead properties containing
13a residential structure that has been rebuilt following a
14natural disaster occurring in taxable year 2012 or any taxable
15year thereafter. The amount of the exemption is the equalized
16assessed value of the residence in the first taxable year for
17which the taxpayer applies for an exemption under this Section
18minus the base amount. To be eligible for an exemption under
19this Section: (i) the residential structure must be rebuilt
20within 2 years after the date of the natural disaster; and (ii)
21the square footage of the rebuilt residential structure may not
22be more than 110% of the square footage of the original
23residential structure as it existed immediately prior to the
24natural disaster. The taxpayer's initial application for an
25exemption under this Section must be made no later than the
26first taxable year after the residential structure is rebuilt.

 

 

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1The exemption shall continue at the same annual amount until
2the taxable year in which the property is sold or transferred.
3    (d) To receive the exemption, the taxpayer shall submit an
4application to the chief county assessment officer of the
5county in which the property is located by July 1 of each
6taxable year. A county may, by resolution, establish a date for
7submission of applications that is different than July 1. The
8chief county assessment officer may require additional
9documentation to be provided by the applicant. The applications
10shall be clearly marked as applications for the Natural
11Disaster Homestead Exemption.
12    (e) Property is not eligible for an exemption under this
13Section and Section 15-180 for the same natural disaster or
14catastrophic event. The property may, however, remain eligible
15for an additional exemption under Section 15-180 for any
16separate event occurring after the property qualified for an
17exemption under this Section.
18    (f) The exemption under this Section carries over to the
19benefit of the surviving spouse as long as the spouse holds the
20legal or beneficial title to the homestead and permanently
21resides thereon.
22    (g) Notwithstanding Sections 6 and 8 of the State Mandates
23Act, no reimbursement by the State is required for the
24implementation of any mandate created by this Section.
 
25    Section 90. The State Mandates Act is amended by adding

 

 

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1Section 8.36 as follows:
 
2    (30 ILCS 805/8.36 new)
3    Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8
4of this Act, no reimbursement by the State is required for the
5implementation of any mandate created by this amendatory Act of
6the 97th General Assembly.
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.