State of Illinois
90th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]



90_HB3818

      35 ILCS 200/15-173 new
          Amends the Property Tax Code.   Creates  a  property  tax
      exemption  for  property  that  qualifies  for  special  real
      property   tax   relief  under  the  Longtime  Owner-Occupant
      Property Tax Relief Act. Limits the exemption to the increase
      of real property taxes that is due  to  an  increase  in  the
      market  value  of  the  property  as  a  consequence  of  the
      refurbishing   or  renovation  of  other  residences  or  the
      construction   of   new   residences   in    long-established
      residential  areas  or  areas  of  deteriorated,  vacant,  or
      abandoned  homes and properties.  Provides that the exemption
      may be granted until the  longtime  owner-occupant  transfers
      title  to  the  property. Provides that the assessor or chief
      county assessment officer may determine  the  eligibility  of
      the   property  to  receive  the  exemption  by  application,
      questionnaire, or other reasonable methods. Provides that the
      determination shall be made  in  accordance  with  guidelines
      established by the Department.  Effective immediately.
                                                     LRB9011598KDsb
                                               LRB9011598KDsb
 1        AN  ACT  to amend the Property Tax Code by adding Section
 2    15-173.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Property Tax Code is amended by adding
 6    Section 15-173 as follows:
 7        (35 ILCS 200/15-173 new)
 8        Sec. 15-173.  Gentrification exemption.  In  addition  to
 9    any  other  exemption  provided  under  this  Act,  homestead
10    property  that qualifies for special real property tax relief
11    under the Longtime Owner-Occupant Property Tax Relief Act  is
12    entitled   to  an  annual  exemption  under  this  Act.   The
13    exemption is limited to the increase of real  property  taxes
14    that  is  due  to  an  increase  in  the  market value of the
15    property as a consequence of the refurbishing  or  renovation
16    of  other residences or the construction of new residences in
17    long-established residential areas or areas of  deteriorated,
18    vacant,  or  abandoned  homes and properties.  This exemption
19    may be granted until the  longtime  owner-occupant  transfers
20    title to the property.
21        The  assessor  or  chief  county  assessment  officer may
22    determine the eligibility of  the  property  to  receive  the
23    exemption   provided   under  this  Section  by  application,
24    questionnaire,   or   other    reasonable    methods.     The
25    determination  shall  be  made  in accordance with guidelines
26    established by the Department.
27        Section 99.  Effective date.  This Act takes effect  upon
28    becoming law.

[ Top ]