101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5432
 
Introduced , by Rep. David A. Welter - Grant Wehrli - Amy Grant, Lindsay Parkhurst, Tom Weber, et al.
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/15-179 new
30 ILCS 805/8.44 new

     Amends the Property Tax Code.  Creates a first-time homebuyer homestead exemption.  Provides that residential property valued at $75,000 or more that is owned and occupied by a first-time homebuyer is entitled to a reduction in the equalized assessed value of the property in the amount of $7,500.  Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
  


LRB101 18998 HLH 68457 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
 
 
A BILL FOR
 

  
HB5432LRB101 18998 HLH 68457 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 15-179 as follows:
 
6    (35 ILCS 200/15-179 new)
7    Sec. 15-179. First-time homebuyer homestead exemption. 
8    (a)  Notwithstanding any other provision of law and in 
9addition to any other exemption, homestead property that is 
10occupied during the taxable year by a first-time homebuyer who 
11has an ownership interest in property valued at $75,000 or more 
12is entitled to a reduction in the equalized assessed value of 
13the property in an amount equal to $7,500 for the first taxable 
14year in which the first-time homebuyer occupied the residence.
15    (b)  The first-time homebuyer must purchase the residence on 
16or after January 1, 2020 and before January 1, 2022. 
17    (c)  Application must be made during the application period 
18in effect for the county of residence.  The assessor or chief 
19county assessment officer may determine the eligibility of 
20residential property to receive the homestead exemption 
21provided by this Section by application, visual inspection, 
22questionnaire, or other reasonable methods. The determination 
23must be made in accordance with guidelines established by the 
 
 
HB5432- 2 -LRB101 18998 HLH 68457 b

1Department. The Department may by rule provide for the 
2implementation and administration of this Section. 
3    (d)  As used in this Section "first-time homebuyer" means an 
4individual who, prior to January 1 of the taxable year, has not 
5held an ownership interest in residential property. 
 
6    Section 90. The State Mandates Act is amended by adding 
7Section 8.44 as follows:
 
8    (30 ILCS 805/8.44 new)
9    Sec. 8.44. Exempt mandate. Notwithstanding Sections 6 and 8 
10of this Act, no reimbursement by the State is required for the 
11implementation of any mandate created by this amendatory Act of 
12the 101st General Assembly.
 
 
13    Section 99. Effective date. This Act takes effect upon 
14becoming law.