Date	Chamber	Action
1/13/2021	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 200/10-140

35 ILCS 200/15-173

Synopsis As Introduced
Amends the Property Tax Code. In a Section granting a natural disaster homestead exemption, removes language providing that 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. Removes provisions providing that the taxpayer's initial application for a natural disaster homestead exemption must be made no later than the first taxable year after the residential structure is rebuilt. Provides that, if the square footage of the rebuilt structure exceeds 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster, then the amount of the natural disaster homestead exemption is the equalized assessed value per square foot of the rebuilt structure multiplied by 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster minus the base amount. Provides that the amendatory Act is retroactive to the 2012 taxable year. Sets forth provisions concerning the valuation of farm improvements that have been rebuilt following a natural disaster. Effective immediately.

Actions 

Date	Chamber	Action
2/11/2020	House	Filed with the Clerk by Rep. Michael T. Marron
2/18/2020	House	First Reading
2/18/2020	House	Referred to Rules Committee
1/13/2021	House	Session Sine Die

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