Bill Status of HB 1280   95th General Assembly

Short Description:  PROP TX-ASSESSMENT AND EXEMPTS

House Sponsors
Rep. Kevin Joyce-John A. Fritchey-Thomas Holbrook and Richard T. Bradley

Last Action  View All Actions

DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 620/6from Ch. 67 1/2, par. 1006
35 ILCS 200/9-147 new
35 ILCS 200/14-15
35 ILCS 200/15-10
35 ILCS 200/15-170
35 ILCS 200/15-175
35 ILCS 200/15-177 new
35 ILCS 200/18-178 new
35 ILCS 200/18-185
35 ILCS 200/20-178
55 ILCS 85/6from Ch. 34, par. 7006
55 ILCS 90/45from Ch. 34, par. 8045
65 ILCS 5/11-74.4-8from Ch. 24, par. 11-74.4-8
65 ILCS 5/11-74.4-9from Ch. 24, par. 11-74.4-9
65 ILCS 5/11-74.6-40
65 ILCS 110/45
105 ILCS 5/18-8.05
720 ILCS 5/17A-1from Ch. 38, par. 17A-1
30 ILCS 805/8.31 new

Synopsis As Introduced
Amends the Property Tax Code. Provides that, in Cook County, homestead property must be valued at 100% of its fair cash value. Requires the Cook County Clerk to abate the property taxes levied on homestead property in an amount equal to: (1) the amount of the aggregate extension of all taxing districts against the property; less (2) an amount equal to 1% of the equalized assessed value of the property. Sets forth procedures to apply this abatement to the aggregate extensions of each taxing district. Creates the Cook County general homestead exemption to limit the assessment increases if homestead property to the lesser of: (i) 2%; or (ii) the increase in the CPI. Sets forth the taxable years in which this general homestead exemption applies. Amends the State aid provisions of the School Code to provide that, if the general homestead exemption is determined under the Cook County general homestead exemption provisions, then the available local resources are not effected. In provisions concerning the Property Tax Extension Limitation Law in the Property Tax Code, defines "extension limitation", for the 2007 taxable year and thereafter, as (a) the lesser of 2% (now, 5%) or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters. Amends various Acts to include a cross reference to the Cook County general homestead exemption provision in the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  2/15/2007HouseFiled with the Clerk by Rep. Kevin Joyce
  2/20/2007HouseAdded Co-Sponsor Rep. John A. Fritchey
  2/20/2007HouseFirst Reading
  2/20/2007HouseReferred to Rules Committee
  2/22/2007HouseAssigned to Revenue Committee
  3/22/2007HouseAdded Chief Co-Sponsor Rep. Thomas Holbrook
  3/22/2007HouseChief Co-Sponsor Changed to Rep. Thomas Holbrook
  3/23/2007HouseRule 19(a) / Re-referred to Rules Committee
  3/29/2007HouseAssigned to Revenue Committee
  3/29/2007HouseCommittee/3rd Reading Deadline Extended-Rule April 30, 2007
  4/19/2007HouseRecommends Do Pass Subcommittee/ Revenue Committee; 000-000-003; Lost
  4/19/2007HouseRemains in Revenue Committee
  4/30/2007HouseRule 19(a) / Re-referred to Rules Committee
  5/15/2007HouseRemoved Co-Sponsor Rep. John A. Fritchey
  5/15/2007HouseAdded Chief Co-Sponsor Rep. John A. Fritchey
  5/15/2007HouseChief Co-Sponsor Changed to Rep. John A. Fritchey
  5/29/2007HouseAdded Co-Sponsor Rep. Richard T. Bradley
  2/20/2008HouseAssigned to Revenue Committee
  3/14/2008HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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