Public Act 097-0481
 
HB1518 EnrolledLRB097 06549 HLH 46633 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 3. The Property Tax Code is amended by changing
Sections 11-85 and 11-90 and by adding Section 11-80.1 as
follows:
 
    (35 ILCS 200/11-80.1 new)
    Sec. 11-80.1. High-speed passenger rail project. Due to the
importance of developing high-speed or faster rail service, the
General Assembly finds that it should encourage freight
railroad owners to participate in State and federal government
programs, including cooperative agreements designed to
increase the speed of passenger rail service, that
participation in those programs should not result in increased
property taxes, and that such an increase in property taxes
could negatively impact the participation in those programs.
Therefore, the Department shall take into consideration any
potential increase in a property's overall valuation that is
directly attributable to the investment, improvement,
replacement, or expansion of railroad operating property on or
after January 1, 2010, through State or federal government
programs, including cooperative agreements, necessary for
higher speed passenger rail transportation. Any such increase
in the property's overall valuation that is directly
attributable to the investment, improvement, replacement, or
expansion of railroad operating property on or after January 1,
2010, through State or federal government programs necessary
for higher speed passenger rail transportation, including
cooperative agreements, shall be excluded from the valuation of
its real property improvements under Section 11-80. This
Section applies on and after the effective date of this
amendatory Act of the 97th General Assembly and through
December 31, 2019.
 
    (35 ILCS 200/11-85)
    Sec. 11-85. Property schedules. Every railroad company
shall, on or before June 1 of each year, when required, make
out and file with the Department a statement or schedule
showing the property held for right of way, whether owned,
leased, or operated under trackage right agreement, and the
length of the first, second, third and other main and all side
tracks and turnouts, and the number of acres of right of way in
each county of this State and in each taxing district of this
State, through or into which the road may run. It shall
describe all improvements and stations located on the right of
way, giving the quantity, quality, character and original cost
of each. It shall also report all non-operating personalty
owned or controlled by the company on January 1, giving the
quantity, quality, character and location of the same. The
report shall also include any potential increase in the
property's overall valuation that is directly attributable to
the investment, improvement, replacement, or expansion of
railroad operating property on or after January 1, 2010,
through State or federal governmental programs, including
cooperative agreements, necessary for higher speed passenger
rail transportation through December 31, 2019. New companies
shall make the statement on or before the June 1 after the
location of their road.
    When the statement has once been made, it is not necessary
to report the description as required above unless directed to
do so by the Department, but the company shall, on or before
June 1, annually, report all additions or changes in its
property in this State as have occurred.
    The return required by this Section should be made by the
using company, but all property which is operated under one
control shall be returned as provided in this Section.
(Source: P.A. 86-905; 88-455.)
 
    (35 ILCS 200/11-90)
    Sec. 11-90. Information schedules. Each year every
railroad company in this State shall return to the Department,
in addition to any other information required by this Code,
sworn statements or schedules as follows:
        (a) The amount of capital stock authorized and the
    total number of shares of capital stock.
        (b) The amount of capital stock issued and outstanding.
        (c) The market value, or if no market value then the
    estimated value, of the shares of stock outstanding.
        (d) The total amount of all bonds outstanding and all
    other indebtedness.
        (e) The market value, or if no market value then the
    estimated value, of all bonds outstanding and all other
    indebtedness.
        (f) A statement in detail of the entire gross receipts
    and net earnings of the company during the 5 calendar years
    preceding the assessment date within this State, and of the
    entire system from all sources.
        (g) The length of the first, second, third and other
    main tracks and all side tracks and turnouts showing the
    proportions within this State and elsewhere.
        (h) The reproduction cost of the property within
    Illinois and the total reproduction cost of all property of
    the company. The reproduction cost, so far as applicable,
    shall be as last determined by the United States Interstate
    Commerce Commission, or other competent authority, plus
    additions and betterments, less retirements and
    depreciation to the December 31 preceding the assessment
    date.
        (i) An enumeration and classification of all rolling
    stock and car equipment owned or leased by the company. The
    classification shall show type of equipment and
    circumstances of ownership and use. The enumeration shall
    include rolling stock used over the track of other
    companies under any trackage right agreement. All other
    property used in connection with a trackage right agreement
    shall be listed.
        (j) Any other information the Department may require to
    determine the fair cash value of the property of any
    railroad company, or necessary to carry out the provisions
    of this Code, including information pertaining to any
    potential increases in the property's overall valuation
    that is directly attributable to the investment,
    improvement, replacement, or expansion of railroad
    operating property on or after January 1, 2010, through
    State or federal governmental programs, including
    cooperative agreements, necessary for higher speed
    passenger rail transportation through December 31, 2019.
    Such statements or schedules shall conform to the
instructions and forms prescribed by the Department.
    In cases where a railroad company uses property owned by
another, the return shall be made by the using company and all
property operated under one control shall be returned as
provided above.
(Source: P.A. 86-905; 88-455.)
 
    Section 5. The Senior Citizens Real Estate Tax Deferral Act
is amended by changing Sections 2 and 3 as follows:
 
    (320 ILCS 30/2)  (from Ch. 67 1/2, par. 452)
    Sec. 2. Definitions. 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; and (ii) $50,000 for tax years year 2006 through 2011;
and (iii) $55,000 for tax year 2012 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 local government.
    (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 Disabled Persons Property Tax
Relief and Pharmaceutical Assistance Act.
    (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. 94-794, eff. 5-22-06.)
 
    (320 ILCS 30/3)  (from Ch. 67 1/2, par. 453)
    Sec. 3. A taxpayer may, on or before March 1 of each year,
apply to the county collector of the county where his
qualifying property is located, or to the official designated
by a unit of local government to collect special assessments on
the qualifying property, as the case may be, for a deferral of
all or a part of real estate taxes payable during that year for
the preceding year in the case of real estate taxes other than
special assessments, or for a deferral of any installments
payable during that year in the case of special assessments, on
all or part of his qualifying property. The application shall
be on a form prescribed by the Department and furnished by the
collector, (a) showing that the applicant will be 65 years of
age or older by June 1 of the year for which a tax deferral is
claimed, (b) describing the property and verifying that the
property is qualifying property as defined in Section 2, (c)
certifying that the taxpayer has owned and occupied as his
residence such property or other qualifying property in the
State for at least the last 3 years except for any periods
during which the taxpayer may have temporarily resided in a
nursing or sheltered care home, and (d) specifying whether the
deferral is for all or a part of the taxes, and, if for a part,
the amount of deferral applied for. As to qualifying property
not having a separate assessed valuation, the taxpayer shall
also file with the county collector a written appraisal of the
property prepared by a qualified real estate appraiser together
with a certificate signed by the appraiser stating that he has
personally examined the property and setting forth the value of
the land and the value of the buildings thereon occupied by the
taxpayer as his residence.
    The collector shall grant the tax deferral provided such
deferral does not exceed funds available in the Senior Citizens
Real Estate Deferred Tax Revolving Fund and provided that the
owner or owners of such real property have entered into a tax
deferral and recovery agreement with the collector on behalf of
the county or other unit of local government, which agreement
expressly states:
    (1) That the total amount of taxes deferred under this Act,
plus interest, for the year for which a tax deferral is claimed
as well as for those previous years for which taxes are not
delinquent and for which such deferral has been claimed may not
exceed 80% of the taxpayer's equity interest in the property
for which taxes are to be deferred and that, if the total
deferred taxes plus interest equals 80% of the taxpayer's
equity interest in the property, the taxpayer shall thereafter
pay the annual interest due on such deferred taxes plus
interest so that total deferred taxes plus interest will not
exceed such 80% of the taxpayer's equity interest in the
property. Effective as of the January 1, 2011 assessment year
or tax year 2012 and thereafter, the total amount of any such
deferral shall not exceed $5,000 per taxpayer in each tax year.
    (2) That any real estate taxes deferred under this Act and
any interest accrued thereon at the rate of 6% per year are a
lien on the real estate and improvements thereon until paid. No
sale or transfer of such real property may be legally closed
and recorded until the taxes which would otherwise have been
due on the property, plus accrued interest, have been paid
unless the collector certifies in writing that an arrangement
for prompt payment of the amount due has been made with his
office. The same shall apply if the property is to be made the
subject of a contract of sale.
    (3) That upon the death of the taxpayer claiming the
deferral the heirs-at-law, assignees or legatees shall have
first priority to the real property upon which taxes have been
deferred by paying in full the total taxes which would
otherwise have been due, plus interest. However, if such
heir-at-law, assignee, or legatee is a surviving spouse, the
tax deferred status of the property shall be continued during
the life of that surviving spouse if the spouse is 55 years of
age or older within 6 months of the date of death of the
taxpayer and enters into a tax deferral and recovery agreement
before the time when deferred taxes become due under this
Section. Any additional taxes deferred, plus interest, on the
real property under a tax deferral and recovery agreement
signed by a surviving spouse shall be added to the taxes and
interest which would otherwise have been due, and the payment
of which has been postponed during the life of such surviving
spouse, in determining the 80% equity requirement provided by
this Section.
    (4) That if the taxes due, plus interest, are not paid by
the heir-at-law, assignee or legatee or if payment is not
postponed during the life of a surviving spouse, the deferred
taxes and interest shall be recovered from the estate of the
taxpayer within one year of the date of his death. In addition,
deferred real estate taxes and any interest accrued thereon are
due within 90 days after any tax deferred property ceases to be
qualifying property as defined in Section 2.
    If payment is not made when required by this Section,
foreclosure proceedings may be instituted under the Property
Tax Code.
    (5) That any joint owner has given written prior approval
for such agreement, which written approval shall be made a part
of such agreement.
    (6) That a guardian for a person under legal disability
appointed for a taxpayer who otherwise qualifies under this Act
may act for the taxpayer in complying with this Act.
    (7) That a taxpayer or his agent has provided to the
satisfaction of the collector, sufficient evidence that the
qualifying property on which the taxes are to be deferred is
insured against fire or casualty loss for at least the total
amount of taxes which have been deferred.
    If the taxes to be deferred are special assessments, the
unit of local government making the assessments shall forward a
copy of the agreement entered into pursuant to this Section and
the bills for such assessments to the county collector of the
county in which the qualifying property is located.
(Source: P.A. 90-170, eff. 7-23-97; 91-357, eff. 7-29-99.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.