HB0592 100TH GENERAL ASSEMBLY

LRB100 03662 HLH 13667 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0592

Introduced , by Rep. Sam Yingling

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-45

Amends the Property Tax Code. Provides that the aggregate rate of tax imposed by all taxing districts on any parcel of residential property that, as of January 1 of the levy year, has been occupied by a qualified taxpayer as his or her principal dwelling place for a period of at least 30 years shall not exceed 5%. Provides that the term "qualified taxpayer" means a person who (i) is 65 years of age or older during the taxable year, (ii) is liable for paying real estate taxes on the property, and (iii) is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a leasehold interest of land on which a single family residence is located. Contains provisions concerning applications for the reduction. Effective immediately.

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 changing Section 18-45 as follows:

(35 ILCS 200/18-45)

Sec. 18-45. Computation of rates.

(a) Except as provided below, each county clerk shall estimate and determine the rate per cent upon the equalized assessed valuation for the levy year of the property in the county's taxing districts and special service areas, as established under Article VII of the Illinois Constitution, so that the rate will produce, within the proper divisions of that county, not less than the net amount that will be required by the county board or certified to the county clerk according to law. Prior to extension, the county clerk shall determine the maximum amount of tax authorized to be levied by any statute. If the amount of any tax certified to the county clerk for extension exceeds the maximum, the clerk shall extend only the maximum allowable levy.

(b) The county clerk shall exclude from the total equalized assessed valuation, whenever estimating and determining it under this Section and Sections 18-50 through 18-105, the equalized assessed valuation in the percentage which has been agreed to by each taxing district, of any property or portion thereof within an Enterprise Zone upon which an abatement of taxes was made under Section 18-170. However, if a municipality has adopted tax increment financing under Division 74.4 of Article 11 of the Illinois Municipal Code, the county clerk shall estimate and determine rates in accordance with Sections 11-74.4-7 through 11-74.4-9 of that Act. Beginning on January 1, 1998 and thereafter, the equalized assessed value of all property for the computation of the amount to be extended within a county with 3,000,000 or more inhabitants shall be the sum of (i) the equalized assessed value of such property for the year immediately preceding the levy year as established by the assessment and equalization process for the year immediately prior to the levy year, (ii) the equalized assessed value of any property that qualifies as new property, as defined in Section 18-185, or annexed property, as defined in Section 18-225, for the current levy year, and (iii) any recovered tax increment value, as defined in Section 18-185, for the current levy year, less the equalized assessed value of any property that qualifies as disconnected property, as defined in Section 18-225, for the current levy year.

(c) Notwithstanding any other provision of law, and subject to any other statutory limitations on the rate of tax imposed by any taxing district, the aggregate rate of tax imposed by all taxing districts on any parcel of residential property that, as of January 1 of the levy year, has been occupied by a qualified taxpayer as his or her principal dwelling place for a period of at least 30 years shall not exceed 5%. If the county clerk is required to reduce the rate of tax extended against a parcel of property in accordance with this subsection, then each taxing district shall receive a pro rata share of the proceeds attributable to that property. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the reduction provided by this subsection by application, visual inspection, questionnaire, or other reasonable methods. The determination must be made in accordance with guidelines established by the Department. Application must be made during the application period in effect for the county in which the property is located. Each taxpayer who has been granted a reduction under this subsection must reapply on an annual basis. The chief county assessment officer shall mail the application to the taxpayer. For the purposes of this subsection (c), "qualified taxpayer" means a person who (i) is 65 years of age or older during the taxable year, (ii) is liable for paying real estate taxes on the property, and (iii) is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a leasehold interest of land on which a single family residence is located.

(Source: P.A. 90-320, eff. 1-1-98.)

Section 99. Effective date. This Act takes effect upon becoming law.