Synopsis As Introduced Amends the Property Tax Code. Includes disabled persons within the provisions granting an assessment freeze homestead exemption to senior citizens. Changes the name to the Senior Citizens and Disabled Persons Assessment Freeze Homestead Exemption (now Senior Citizens Assessment Freeze Homestead Exemption). Makes corresponding changes to a cross-reference to the exemption. Amends the States Mandates Act to require implementation without reimbursement. Effective immediately.
The fiscal impact will be shouldered by local government taxing districts due to an increase in those who will qualify for the assessment freeze, thereby reducing the adjusted equalized assessed value of property. The first year, local taxing districts will realize a $19 million decrease in property tax revenues statewide, which will continue to increase as property values increase from year to year.
Housing Affordability Impact Note (Housing Development Authority)
Due to the increase in people who will qualify for the assessment freeze, which will reduce the adjusted equalized assessed value of the property. The local taxing districts will realize a $19 million decrease in property tax revenues statewide. This could lead to an increase in property taxes for those who do not qualify for the assessment freeze.
Fiscal Note (Commerce Commission)
No fiscal impact.
Fiscal Note (S-AM1) (Dept of Commerce and Community Affairs)
No fiscal impact on DCCA. Local taxing districts will incur a fiscal impact due to an increase in those who will qualify for the assessment freeze, thereby reducing the adjusted equalized assessed value of property. During the first year, the local taxing districts will have a $19 million decrease in property tax revenues statewide.
State Mandates Fiscal Note (Illinois Community College System)
Under the State Mandates Act, a "State Mandate" means any State-initiated statutory or executive action that requires a unit of local government to establish, expand, or modify its activities in such a way as to necessitate additional expenditures from local revenues. Each community college is considered a unit of local government. This bill will increase the number of property owners that will be allowed the Homestead exemption. Community colleges receive a substantial amount of their operating revenues through local property taxes. An estimate of the decrease in revenues based on property taxes and EAV's is not available at this time. There is no cost to the ICCB.