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(320 ILCS 30/2)
(from Ch. 67 1/2, par. 452)
As used in this Act:
(a) "Taxpayer" means an individual whose household income for the year
is no greater than: (i) $40,000 through tax year 2005; (ii) $50,000 for tax years 2006 through 2011; (iii) $55,000 for tax years 2012 through 2021; (iv) $65,000 for tax years 2022 through 2025; and (v) $55,000 for tax year 2026 and thereafter.
(b) "Tax deferred property" means the property upon which real
estate taxes are deferred under this Act.
(c) "Homestead" means the land and buildings thereon, including a
condominium or a dwelling unit in a multidwelling building that is owned and
operated as a cooperative, occupied by the taxpayer as his residence or which
are temporarily unoccupied by the taxpayer because such taxpayer is temporarily
residing, for not more than 1 year, in a licensed facility as defined in
Section 1-113 of the Nursing Home Care Act.
(d) "Real estate taxes" or "taxes" means the taxes on real property for
which the taxpayer would be liable under the Property Tax Code, including special service area taxes, and special assessments on
benefited real property for which the taxpayer would be liable to a unit of
(e) "Department" means the Department of Revenue.
(f) "Qualifying property" means a homestead which (a) the taxpayer or the
taxpayer and his spouse own in fee simple or are purchasing in fee simple under
a recorded instrument of sale, (b) is not income-producing property, (c) is not
subject to a lien for unpaid real estate taxes when a claim under this Act is
filed, and (d) is not held in trust, other than an Illinois land trust with the taxpayer identified as the sole beneficiary, if the taxpayer is filing for the program for the first time effective as of the January 1, 2011 assessment year or tax year 2012 and thereafter.
(g) "Equity interest" means the current assessed valuation of the qualified
property times the fraction necessary to convert that figure to full market
value minus any outstanding debts or liens on that property. In the case of
qualifying property not having a separate assessed valuation, the appraised
value as determined by a qualified real estate appraiser shall be used instead
of the current assessed valuation.
(h) "Household income" has the meaning ascribed to that term in the Senior
Citizens and Persons with Disabilities Property Tax Relief
(i) "Collector" means the county collector or, if the taxes to be deferred
are special assessments, an official designated by a unit of local government
to collect special assessments.
(Source: P.A. 102-644, eff. 8-27-21.)