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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0270
Introduced 1/18/2005, by Rep. Jim Watson SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that property up to an assessed value of $70,000
(now,$58,000),
owned and used exclusively by a disabled veteran, or the spouse or unmarried
surviving spouse of the veteran, as a home, is exempt. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB0270 |
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LRB094 05175 BDD 35217 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Section 15-165 as follows:
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| (35 ILCS 200/15-165)
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| Sec. 15-165. Disabled veterans. Property up to an assessed |
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| value of $70,000
$58,000,
owned and used exclusively by a |
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| disabled veteran, or the spouse or unmarried
surviving spouse |
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| of the veteran, as a home, is exempt. As used in this
Section, |
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| a disabled veteran means a person who has served in the Armed |
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| Forces
of the United States and whose disability is of such a |
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| nature that the Federal
Government has authorized payment for |
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| purchase or construction of Specially
Adapted Housing as set |
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| forth in the United States Code, Title 38, Chapter 21,
Section |
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| 2101.
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| The exemption applies to housing where Federal funds have |
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| been used to
purchase or construct special adaptations to suit |
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| the veteran's disability.
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| The exemption also applies to housing that is specially |
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| adapted to suit the
veteran's disability, and purchased |
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| entirely or in part by the proceeds of a
sale, casualty loss |
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| reimbursement, or other transfer of a home for which the
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| Federal Government had previously authorized payment for |
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| purchase or
construction as Specially Adapted Housing.
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| However, the entire proceeds of the sale, casualty loss |
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| reimbursement, or
other transfer of that housing shall be |
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| applied to the acquisition of
subsequent specially adapted |
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| housing to the extent that the proceeds equal the
purchase |
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| price of the subsequently acquired housing.
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| For purposes of this Section, "unmarried surviving spouse" |
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| means the
surviving spouse of the veteran at any time after the |