Public Act 097-0716
 
HB4242 EnrolledLRB097 15225 HLH 60325 b

    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 15-173 as follows:
 
    (35 ILCS 200/15-173 new)
    Sec. 15-173. Natural Disaster Homestead Exemption.
    (a) This Section may be cited as the Natural Disaster
Homestead Exemption.
    (b) As used in this Section:
    "Base amount" means the base year equalized assessed value
of the residence.
    "Base year" means the taxable year prior to the taxable
year in which the natural disaster occurred.
    "Chief county assessment officer" means the County
Assessor or Supervisor of Assessments of the county in which
the property is located.
    "Equalized assessed value" means the assessed value as
equalized by the Illinois Department of Revenue.
    "Homestead property" has the meaning ascribed to that term
in Section 15-175 of this Code.
    "Natural disaster" means an occurrence of widespread or
severe damage or loss of property resulting from any
catastrophic cause including but not limited to fire, flood,
earthquake, wind, storm, or extended period of severe inclement
weather. In the case of a residential structure affected by
flooding, the structure shall not be eligible for this
homestead improvement exemption unless it is located within a
local jurisdiction which is participating in the National Flood
Insurance Program. A proclamation of disaster by the President
of the United States or Governor of the State of Illinois is
not a prerequisite to the classification of an occurrence as a
natural disaster under this Section.
    (c) A homestead exemption shall be granted by the chief
county assessment officer for homestead properties containing
a residential structure that has been rebuilt following a
natural disaster occurring in taxable year 2012 or any taxable
year thereafter. The amount of the exemption is the equalized
assessed value of the residence in the first taxable year for
which the taxpayer applies for an exemption under this Section
minus the base amount. To be eligible for an exemption under
this Section: (i) the residential structure must be rebuilt
within 2 years after the date of the natural disaster; and (ii)
the square footage of the rebuilt residential structure may not
be more than 110% of the square footage of the original
residential structure as it existed immediately prior to the
natural disaster. The taxpayer's initial application for an
exemption under this Section must be made no later than the
first taxable year after the residential structure is rebuilt.
The exemption shall continue at the same annual amount until
the taxable year in which the property is sold or transferred.
    (d) To receive the exemption, the taxpayer shall submit an
application to the chief county assessment officer of the
county in which the property is located by July 1 of each
taxable year. A county may, by resolution, establish a date for
submission of applications that is different than July 1. The
chief county assessment officer may require additional
documentation to be provided by the applicant. The applications
shall be clearly marked as applications for the Natural
Disaster Homestead Exemption.
    (e) Property is not eligible for an exemption under this
Section and Section 15-180 for the same natural disaster or
catastrophic event. The property may, however, remain eligible
for an additional exemption under Section 15-180 for any
separate event occurring after the property qualified for an
exemption under this Section.
    (f) The exemption under this Section carries over to the
benefit of the surviving spouse as long as the spouse holds the
legal or beneficial title to the homestead and permanently
resides thereon.
    (g) Notwithstanding Sections 6 and 8 of the State Mandates
Act, no reimbursement by the State is required for the
implementation of any mandate created by this Section.
 
    Section 90. The State Mandates Act is amended by adding
Section 8.36 as follows:
 
    (30 ILCS 805/8.36 new)
    Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8
of this Act, no reimbursement by the State is required for the
implementation of any mandate created by this amendatory Act of
the 97th General Assembly.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 06/29/2012