Rep. Brandon W. Phelps

Filed: 3/21/2012

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 4242

2    AMENDMENT NO. ______. Amend House Bill 4242 by replacing
3everything after the enacting clause with the following:
 
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.
14    "Base year" means the taxable year prior to the taxable
15year in which the natural disaster occurred.
16    "Chief county assessment officer" means the County

 

 

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1Assessor or Supervisor of Assessments of the county in which
2the property is located.
3    "Equalized assessed value" means the assessed value as
4equalized by the Illinois Department of Revenue.
5    "Homestead property" has the meaning ascribed to that term
6in Section 15-175 of this Code.
7    "Natural disaster" means an occurrence of widespread or
8severe damage or loss of property resulting from any naturally
9occurring catastrophic cause including, but not limited to,
10fire, flood, earthquake, wind, tornado or other storm, or
11extended period of severe inclement weather. A proclamation of
12disaster by the President of the United States or Governor of
13the State of Illinois is not a prerequisite to the
14classification of an occurrence as a natural disaster under
15this Section.
16    (c) An assessment freeze homestead exemption is granted for
17homestead properties containing a residential structure that
18has been rebuilt following a natural disaster occurring in
19taxable year 2012 or any taxable year thereafter. The amount of
20the exemption is the equalized assessed value of the residence
21in the taxable year for which application is made minus the
22base amount. To be eligible for an exemption under this
23Section: (i) the residential structure must be rebuilt within 2
24years after the natural disaster; and (ii) the square footage
25of the rebuilt residential structure may not exceed the square
26footage of the original residential structure as it existed

 

 

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1immediately prior to the natural disaster by more than 105%.
2The exemption shall continue until the taxable year in which
3the property is sold or transferred.
4    (d) To receive the exemption, the taxpayer shall submit an
5application to the chief county assessment officer of the
6county in which the property is located by July 1 of each
7taxable year. A county may, by ordinance, establish a date for
8submission of applications that is different than July 1. The
9applicant shall submit with the application an affidavit
10stating that, to the best of his or her knowledge, the
11applicant is eligible for the exemption under this Section. The
12chief county assessment officer may require additional
13documentation to be provided by the applicant. The applications
14shall be clearly marked as applications for the Natural
15Disaster Assessment Freeze Homestead Exemption.
16    (e) Property is not eligible for an exemption under this
17Section if that property has been granted an exemption under
18Section 15-180 for the same taxable year.
19    (f) Notwithstanding Sections 6 and 8 of the State Mandates
20Act, no reimbursement by the State is required for the
21implementation of any mandate created by this Section.
 
22    Section 90. The State Mandates Act is amended by adding
23Section 8.36 as follows:
 
24    (30 ILCS 805/8.36 new)

 

 

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1    Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8
2of this Act, no reimbursement by the State is required for the
3implementation of any mandate created by this amendatory Act of
4the 97th General Assembly.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.".