Illinois General Assembly - Bill Status for SB2350

Deletes everything after the enacting clause. Amends the Property Tax Code. In a Section concerning notice of assessment increases in Cook County, requires that the notice contain certain information concerning the alternative general homestead exemption. In a Section concerning the alternative general homestead exemption, extends the option for a county to be subject to the alternative exemption by an additional 3 years. Provides that the base year for counties other than Cook County is the 2004 or 2005 tax year. Provides that, to subject itself to the provisions of the alternative general homestead exemption, a county, if it has not previously done so, must adopt an ordinance to that effect within 6 months after the effective date of this amendatory Act. Provides that Cook County may elect, by an ordinance adopted within 6 months after the effective date of this amendatory Act, to extend the application of the alternative general homestead exemption for 3 additional assessment years. Requires that, for each assessment year in which the alternative general homestead exemption applies, the county clerk must determine whether the taxes on each homestead property are more, less, or the same as a result of the county's election to be subject to the alternative general homestead exemption rather than the general homestead exemption, and sets forth requirements for making the determination. In a Section concerning the mailing of tax bills, requires that each tax bill for homestead property include a notice of whether the taxes are more, less, or the same as a result of the county's election to be subject to the alternative general homestead exemption. Requires that each tax bill include a notice containing certain information concerning the alternative general homestead exemption. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as amended by House Amendment No. 1 with the following changes: Makes changes to the calculations to determine whether the taxes for that year on each homestead property are more, less, or the same as a result of the county having elected to be subject to the provisions of the alternative general homestead exemption rather than the general homestead exemption. Requires the assessor to provide to the county clerk any assistance that the clerk requires in making the determination. With respect to the notification to the taxpayer as to whether the taxes on the homestead property are more, less, or the same as a result of the county's election to be subject to the alternative general homestead exemption, states that the notice must be included on the bill (instead of on or with the bill). States that the requirement that each tax bill include a notice containing certain information concerning the alternative general homestead exemption applies only to Cook County. Makes other changes. Effective immediately.

Deletes everything after the enacting clause. Amends the Property Tax Code. In a Section concerning the alternative general homestead exemption, extends the alternative exemption by an additional 3 years. Provides that, to subject itself to the provisions of the alternative general homestead exemption, a county, if it has not previously done so, must adopt an ordinance to that effect within 6 months after the effective date of this amendatory Act. Provides that Cook County may elect, by an ordinance adopted within 6 months after the effective date of this amendatory Act, to extend the application of the alternative general homestead exemption for 3 additional assessment years. Provides that the maximum amount of the exemption is $60,000 if the general assessment year for the property is 2006 or later. Provides that the base year for counties other than Cook County is the 2004 or 2005 tax year. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

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