Illinois General Assembly - Bill Status for SB2255
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 Bill Status of SB2255  102nd General Assembly


Short Description:  PROP TX-NEW CONSTRUCTION

Senate Sponsors
Sen. Win Stoller

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 200/15-180


Synopsis As Introduced
Amends the Property Tax Code. Provides that homestead property that is newly constructed is entitled to a homestead exemption limited to $75,000 per year in fair cash value, if that property is owned and used exclusively for a residential purpose, regardless of whether or not that property has been rebuilt following a catastrophic event. Provides that chief county assessment officer shall award not more than $5,000,000 in exemptions under those provisions in any taxable year for property that has not been improved or newly constructed following a catastrophic event. Effective immediately.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Win Stoller
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/23/2021SenateAssigned to Revenue
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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