HB1229 98TH GENERAL ASSEMBLY

LRB098 03368 HLH 33383 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1229

Introduced , by Rep. Patrick J. Verschoore

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-190 new

Amends the Property Tax Code. Provides that each parcel of property that qualifies for a homestead exemption under the Code shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-190 as follows:

(35 ILCS 200/15-190 new)

Sec. 15-190. Minimum equalized assessed valuation. Notwithstanding any other provision of law, beginning in taxable year 2013, each parcel of property that qualifies for a homestead exemption provided under this Article 15 shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property.

Section 99. Effective date. This Act takes effect upon becoming law.