Full Text of HB6962 93rd General Assembly
HB6962 93RD GENERAL ASSEMBLY
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB6962
Introduced 2/9/2004, by Robert W. Pritchard - Paul D. Froehlich - William B. Black - James H. Meyer - Angelo Saviano SYNOPSIS AS INTRODUCED: |
|
|
Amends the Property Tax Code. Provides that for all
counties, except counties with 3,000,000 or more inhabitants, the maximum
reduction from assessed value for the general homestead exemption shall be
$4,500 for taxable years 2004 and thereafter (now, $3,500). Effective
immediately.
|
| |
|
|
FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
|
|
A BILL FOR
|
|
|
|
|
HB6962 |
|
LRB093 19980 SJM 45724 b |
|
| 1 |
| AN ACT concerning taxation.
| 2 |
| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 15-175
as follows:
| 6 |
| (35 ILCS 200/15-175)
| 7 |
| Sec. 15-175. General homestead exemption. Homestead | 8 |
| property is
entitled to an annual homestead exemption limited, | 9 |
| except as described here
with relation to cooperatives, to a | 10 |
| reduction in the equalized assessed value
of homestead property | 11 |
| equal to the increase in equalized assessed value for the
| 12 |
| current assessment year above the equalized assessed value of | 13 |
| the property for
1977, up to the maximum reduction set forth | 14 |
| below. If however, the 1977
equalized assessed value upon which | 15 |
| taxes were paid is subsequently determined
by local assessing | 16 |
| officials, the Property Tax Appeal Board, or a court to have
| 17 |
| been excessive, the equalized assessed value which should have | 18 |
| been placed on
the property for 1977 shall be used to determine | 19 |
| the amount of the exemption.
| 20 |
| The maximum reduction shall be $4,500 in counties with | 21 |
| 3,000,000 or more
inhabitants and $3,500 in all other counties .
| 22 |
| In all other counties the maximum reduction shall be $3,500 for | 23 |
| taxable years
2003 and before and $4,500 for taxable years 2004 | 24 |
| and thereafter.
| 25 |
| In counties with fewer than 3,000,000 inhabitants, if, | 26 |
| based on the most
recent assessment, the equalized assessed | 27 |
| value of
the homestead property for the current assessment year | 28 |
| is greater than the
equalized assessed value of the property | 29 |
| for 1977, the owner of the property
shall automatically receive | 30 |
| the exemption granted under this Section in an
amount equal to | 31 |
| the increase over the 1977 assessment up to the maximum
| 32 |
| reduction set forth in this Section.
|
|
|
|
HB6962 |
- 2 - |
LRB093 19980 SJM 45724 b |
|
| 1 |
| If in any assessment year beginning with the 2000 | 2 |
| assessment year,
homestead property has a pro-rata valuation | 3 |
| under
Section 9-180 resulting in an increase in the assessed | 4 |
| valuation, a reduction
in equalized assessed valuation equal to | 5 |
| the increase in equalized assessed
value of the property for | 6 |
| the year of the pro-rata valuation above the
equalized assessed | 7 |
| value of the property for 1977 shall be applied to the
property | 8 |
| on a proportionate basis for the period the property qualified | 9 |
| as
homestead property during the assessment year. The maximum | 10 |
| proportionate
homestead exemption shall not exceed the maximum | 11 |
| homestead exemption allowed in
the county under this Section | 12 |
| divided by 365 and multiplied by the number of
days the | 13 |
| property qualified as homestead property.
| 14 |
| "Homestead property" under this Section includes | 15 |
| residential property that is
occupied by its owner or owners as | 16 |
| his or their principal dwelling place, or
that is a leasehold | 17 |
| interest on which a single family residence is situated,
which | 18 |
| is occupied as a residence by a person who has an ownership | 19 |
| interest
therein, legal or equitable or as a lessee, and on | 20 |
| which the person is
liable for the payment of property taxes. | 21 |
| For land improved with
an apartment building owned and operated | 22 |
| as a cooperative or a building which
is a life care facility as | 23 |
| defined in Section 15-170 and considered to
be a cooperative | 24 |
| under Section 15-170, the maximum reduction from the equalized
| 25 |
| assessed value shall be limited to the increase in the value | 26 |
| above the
equalized assessed value of the property for 1977, up | 27 |
| to
the maximum reduction set forth above, multiplied by the | 28 |
| number of apartments
or units occupied by a person or persons | 29 |
| who is liable, by contract with the
owner or owners of record, | 30 |
| for paying property taxes on the property and is an
owner of | 31 |
| record of a legal or equitable interest in the cooperative
| 32 |
| apartment building, other than a leasehold interest. For | 33 |
| purposes of this
Section, the term "life care facility" has the | 34 |
| meaning stated in Section
15-170.
| 35 |
| In a cooperative where a homestead exemption has been | 36 |
| granted, the
cooperative association or its management firm |
|
|
|
HB6962 |
- 3 - |
LRB093 19980 SJM 45724 b |
|
| 1 |
| shall credit the savings
resulting from that exemption only to | 2 |
| the apportioned tax liability of the
owner who qualified for | 3 |
| the exemption. Any person who willfully refuses to so
credit | 4 |
| the savings shall be guilty of a Class B misdemeanor.
| 5 |
| Where married persons maintain and reside in separate | 6 |
| residences qualifying
as homestead property, each residence | 7 |
| shall receive 50% of the total reduction
in equalized assessed | 8 |
| valuation provided by this Section.
| 9 |
| In counties with more than 3,000,000 inhabitants, the | 10 |
| assessor
or chief county assessment officer may determine the
| 11 |
| eligibility of residential property to receive the homestead | 12 |
| exemption by
application, visual inspection, questionnaire or | 13 |
| other reasonable methods. The
determination shall be made in | 14 |
| accordance with guidelines established by the
Department.
In | 15 |
| counties with fewer than 3,000,000 inhabitants, in the event of | 16 |
| a sale of
homestead property the homestead exemption shall | 17 |
| remain in effect for the
remainder of the assessment year of | 18 |
| the sale. The assessor or chief county
assessment officer may | 19 |
| require the new
owner of the property to apply for the | 20 |
| homestead exemption for the following
assessment year.
| 21 |
| (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97; | 22 |
| 90-655, eff.
7-30-98; 91-346, eff. 7-29-99.)
| 23 |
| Section 99. Effective date. This Act takes effect upon | 24 |
| becoming law. |
|