Rep. Sam Yingling

Filed: 3/19/2014

 

 


 

 


 
09800HB5871ham001LRB098 17164 HLH 56522 a

1
AMENDMENT TO HOUSE BILL 5871

2    AMENDMENT NO. ______. Amend House Bill 5871 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Property Tax Code is amended by adding
5Section 15-179 as follows:
 
6    (35 ILCS 200/15-179 new)
7    Sec. 15-179. First-time homebuyer homestead exemption.
8    (a) Notwithstanding any other provision of law, for taxable
9years 2015 and thereafter, homestead property that is occupied
10during the taxable year by a first-time homebuyer who has an
11ownership interest in the property is entitled to a reduction
12in the equalized assessed value of the property in an amount
13not to exceed $250,000. This exemption applies only for the
14first full taxable year in which the first-time homebuyer owns
15and occupies the property.
16    (b) When married persons maintain separate residences, the

 

 

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1exemption provided for in this Section may be claimed by only
2one of those persons and for only one residence.
3    (c) Application must be made during the application period
4in effect for the county of residence. The assessor or chief
5county assessment officer may determine the eligibility of
6residential property to receive the homestead exemption
7provided by this Section by application, visual inspection,
8questionnaire, or other reasonable methods. The determination
9must be made in accordance with guidelines established by the
10Department.
11    (d) As used in this Section:
12    "First-time homebuyer" means an individual who, prior to
13January 1 of the calendar year in which he or she purchases the
14property, has not held an ownership interest in residential
15property.
16    "Homestead" or "homestead property" means residential
17property that is occupied by a first-time homebuyer as his or
18her principal dwelling place during the taxable year.
19Residential units in an apartment building owned and operated
20as a cooperative, or as a life care facility, which are
21occupied by persons who hold a legal or equitable interest in
22the cooperative apartment building or life care facility as
23owners are included within this definition of homestead
24property. A homestead includes the dwelling place, appurtenant
25structures, and so much of the surrounding land constituting
26the parcel on which the dwelling place is situated as is used

 

 

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1for residential purposes. If the assessor has established a
2specific legal description for a portion of property
3constituting the homestead, then the homestead is limited to
4the property within that description.
 
5    Section 90. The State Mandates Act is amended by adding
6Section 8.38 as follows:
 
7    (30 ILCS 805/8.38 new)
8    Sec. 8.38. 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 98th General Assembly.".