HB4291 99TH GENERAL ASSEMBLY

LRB099 14053 HLH 38077 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4291

Introduced , by Rep. Jack D. Franks

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-178 new

Amends the Property Tax Code. Provides that, if the cumulative amount paid in property taxes by a particular taxpayer for a particular parcel of homestead property equals or exceeds the selling price of that homestead property at the time the property was sold, transferred, or conveyed to the taxpayer, then that property is exempt from taxation until such time as the property is sold, transferred, or conveyed to another taxpayer. 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 15-178 as follows:

(35 ILCS 200/15-178 new)

Sec. 15-178. Selling price homestead exemption.

(a) Notwithstanding any other provision of law, if, on January 1 of any taxable year, the cumulative amount of property taxes paid by a particular taxpayer for a particular parcel of homestead property in all previous taxable years equals or exceeds the selling price of that homestead property at the time the property was sold, transferred, or conveyed to the taxpayer, then that property is exempt from taxation until such time as the property is sold, transferred, or conveyed to another taxpayer.

(b) To receive the homestead exemption under this Section, a person must submit an application to the county assessor during the period specified by the county assessor. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption provided by this Section by application, visual inspection, questionnaire, or other reasonable methods. The determination must be made in accordance with guidelines established by the Department.

(c) For the purposes of this Section:

"Homestead property" has the same meaning given to that term in Section 15-175.

"Selling price" means the consideration for a sale valued in money whether received in money or otherwise, including cash, credits, property, and services.

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