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.
  


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB2706LRB101 07955 HLH 53011 b


  
1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Property Tax Code is amended  by adding 
5Section 15-181 as follows:
 
6    (35 ILCS 200/15-181 new)
7    Sec. 15-181. Business park exemption.
8    (a) A homestead exemption shall be granted by the chief 
9county assessment officer for homestead properties located 
10within 1,000 feet of an industrial park or a business park if 
11(i) the development related to that industrial park or business 
12park commenced after the owner first resided at that location 
13and (ii) the property is principal place of residence of the 
14owner. The amount of the exemption shall be a reduction of 
15$5,000 from the equalized assessed value of the property. The 
16exemption shall continue at the same annual amount until the 
17taxable year in which the property is sold or transferred. 
18    (b) To receive the exemption, the taxpayer shall submit an 
19application to the chief county assessment officer of the 
20county in which the property is located by July 1 of each 
21taxable year. A county may, by resolution, establish a date for 
22submission of applications that is different than July 1. The 
23chief county assessment officer may require additional 
 
 
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1documentation to be provided by the applicant. The assessor or 
2chief county assessment officer may determine the eligibility 
3of residential property to receive the homestead exemption and 
4the amount of the exemption by application, visual inspection, 
5questionnaire or other reasonable methods.