Rep. Brandon W. Phelps

Filed: 3/26/2012

 

 


 

 


 
09700HB4242ham003LRB097 15225 HLH 67970 a

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, 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

 

 

09700HB4242ham003- 2 -LRB097 15225 HLH 67970 a

1the residence in a subsequent taxable year after the exemption
2under this Section takes effect.
3    "Base year" means the taxable year prior to the taxable
4year in which the natural disaster occurred.
5    "Chief county assessment officer" means the County
6Assessor or Supervisor of Assessments of the county in which
7the property is located.
8    "Equalized assessed value" means the assessed value as
9equalized by the Illinois Department of Revenue.
10    "Homestead property" has the meaning ascribed to that term
11in Section 15-175 of this Code.
12    "Natural disaster" means an occurrence of widespread or
13severe damage or loss of property resulting from any
14catastrophic cause including but not limited to fire, flood,
15earthquake, wind, storm, or extended period of severe inclement
16weather. In the case of a residential structure affected by
17flooding, the structure shall not be eligible for this
18homestead improvement exemption unless it is located within a
19local jurisdiction which is participating in the National Flood
20Insurance Program. A proclamation of disaster by the President
21of the United States or Governor of the State of Illinois is
22not a prerequisite to the classification of an occurrence as a
23natural disaster under this Section.
24    (c) An assessment freeze homestead exemption shall be
25granted by the chief county assessment officer for homestead
26properties containing a residential structure that has been

 

 

09700HB4242ham003- 3 -LRB097 15225 HLH 67970 a

1rebuilt following a natural disaster occurring in taxable year
22012 or any taxable year thereafter. The amount of the
3exemption is the equalized assessed value of the residence in
4the taxable year for which application is made minus the base
5amount. To be eligible for an exemption under this Section: (i)
6the residential structure must be rebuilt within 2 years after
7the date of the natural disaster; and (ii) the square footage
8of the rebuilt residential structure may not be more than 110%
9of the square footage of the original residential structure as
10it existed immediately prior to the natural disaster. The
11exemption shall continue until the taxable year in which the
12property is sold or transferred.
13    (d) To receive the exemption, the taxpayer shall submit an
14application to the chief county assessment officer of the
15county in which the property is located by July 1 of each
16taxable year. A county may, by resolution, establish a date for
17submission of applications that is different than July 1. The
18chief county assessment officer may require additional
19documentation to be provided by the applicant. The applications
20shall be clearly marked as applications for the Natural
21Disaster Assessment Freeze Homestead Exemption.
22    (e) Property is not eligible for an exemption under this
23Section and Section 15-180 for the same natural disaster or
24catastrophic event. The property may, however, remain eligible
25for an additional exemption under Section 15-180 for any
26separate event occurring after the property qualified for an

 

 

09700HB4242ham003- 4 -LRB097 15225 HLH 67970 a

1exemption under this Section.
2    (f) The exemption under this Section carries over to the
3benefit of the surviving spouse as long as the spouse holds the
4legal or beneficial title to the homestead and permanently
5resides thereon.
6    (g) No person who receives an exemption under Section
715-172 of this Code may receive an exemption under this Section
8in the same taxable year.
9    (h) Notwithstanding Sections 6 and 8 of the State Mandates
10Act, no reimbursement by the State is required for the
11implementation of any mandate created by this Section.
 
12    Section 90. The State Mandates Act is amended by adding
13Section 8.36 as follows:
 
14    (30 ILCS 805/8.36 new)
15    Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8
16of this Act, no reimbursement by the State is required for the
17implementation of any mandate created by this amendatory Act of
18the 97th General Assembly.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.".