HB2706 101ST GENERAL ASSEMBLY

LRB101 07955 HLH 53011 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2706

Introduced , by Rep. John Connor

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-181 new

Amends the Property Tax Code. Provides for a homestead exemption for homestead properties located within 1,000 feet of an industrial park or a business park if (i) the development related to that industrial park or business park commenced after the owner first resided at that location and (ii) the property is principal place of residence of the owner. Provides that the amount of the exemption shall be a reduction of $5,000 from the equalized assessed value of the property.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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 15-181 as follows:

(35 ILCS 200/15-181 new)

Sec. 15-181. Business park exemption.

(a) A homestead exemption shall be granted by the chief county assessment officer for homestead properties located within 1,000 feet of an industrial park or a business park if (i) the development related to that industrial park or business park commenced after the owner first resided at that location and (ii) the property is principal place of residence of the owner. The amount of the exemption shall be a reduction of $5,000 from the equalized assessed value of the property. The exemption shall continue at the same annual amount until the taxable year in which the property is sold or transferred.

(b) 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 assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption and the amount of the exemption by application, visual inspection, questionnaire or other reasonable methods.