Sen. Terry Link
Filed: 10/12/2007
|
|||||||
| |||||||
| |||||||
1 | AMENDMENT TO HOUSE BILL 315
| ||||||
2 | AMENDMENT NO. ______. Amend House Bill 315, AS AMENDED, by | ||||||
3 | replacing everything after the enacting clause with the | ||||||
4 | following:
| ||||||
5 | "Section 5. If and only if House Bill 664 of the 95th | ||||||
6 | General Assembly becomes law as enrolled, then the Property Tax | ||||||
7 | Code is amended by changing Section 15-176 as follows:
| ||||||
8 | (35 ILCS 200/15-176)
| ||||||
9 | Sec. 15-176. Alternative general homestead exemption.
| ||||||
10 | (a) For the assessment years as determined under subsection | ||||||
11 | (j), in any county that has elected, by an ordinance in | ||||||
12 | accordance with subsection (k), to be subject to the provisions | ||||||
13 | of this Section in lieu of the provisions of Section 15-175, | ||||||
14 | homestead property is
entitled to
an annual homestead exemption | ||||||
15 | equal to a reduction in the property's equalized
assessed
value | ||||||
16 | calculated as provided in this Section.
|
| |||||||
| |||||||
1 | (b) As used in this Section:
| ||||||
2 | (1) "Assessor" means the supervisor of assessments or | ||||||
3 | the chief county assessment officer of each county.
| ||||||
4 | (2) "Adjusted homestead value" means the lesser of the | ||||||
5 | following values:
| ||||||
6 | (A) The property's base homestead value increased | ||||||
7 | by 7% for each
tax year after the base year through and | ||||||
8 | including the current tax year, or, if the property is | ||||||
9 | sold or ownership is otherwise transferred, the | ||||||
10 | property's base homestead value increased by 7% for | ||||||
11 | each tax year after the year of the sale or transfer | ||||||
12 | through and including the current tax year. The | ||||||
13 | increase by 7% each year is an increase by 7% over the | ||||||
14 | prior year.
| ||||||
15 | (B) The property's equalized assessed value for | ||||||
16 | the current tax
year minus: (i) $4,500 in Cook County | ||||||
17 | or $3,500 in all other counties in tax year 2003;
(ii) | ||||||
18 | $5,000 in all counties in tax years
2004 and 2005; and | ||||||
19 | (iii) the lesser of the amount of the general homestead | ||||||
20 | exemption under Section 15-175 or an amount equal to | ||||||
21 | the increase in the equalized assessed value for the | ||||||
22 | current tax year above the equalized assessed value for | ||||||
23 | 1977 in tax year 2006 and thereafter.
| ||||||
24 | (3) "Base homestead value".
| ||||||
25 | (A) Except as provided in subdivision (b)(3)(A-5) | ||||||
26 | or (b)(3)(B), "base homestead value" means the |
| |||||||
| |||||||
1 | equalized assessed value of the property for the base | ||||||
2 | year
prior to exemptions, minus (i) $4,500 in Cook | ||||||
3 | County or $3,500 in all other counties in tax year | ||||||
4 | 2003,
(ii) $5,000 in all counties in tax years
2004 and | ||||||
5 | 2005, or (iii) the lesser of the amount of the general | ||||||
6 | homestead exemption under Section 15-175 or an amount | ||||||
7 | equal to the increase in the equalized assessed value | ||||||
8 | for the current tax year above the equalized assessed | ||||||
9 | value for 1977 in tax year 2006 and
thereafter, | ||||||
10 | provided that it was assessed for that
year as | ||||||
11 | residential property qualified for any of the | ||||||
12 | homestead exemptions
under Sections 15-170 through | ||||||
13 | 15-175 of this Code, then in force, and
further | ||||||
14 | provided that the property's assessment was not based | ||||||
15 | on a reduced
assessed value resulting from a temporary | ||||||
16 | irregularity in the property for
that year. Except as | ||||||
17 | provided in subdivision (b)(3)(B), if the property did | ||||||
18 | not have a
residential
equalized assessed value for the | ||||||
19 | base year, then "base homestead value" means the base
| ||||||
20 | homestead value established by the assessor under | ||||||
21 | subsection (c).
| ||||||
22 | (A-5) On or before September 1, 2007, in Cook | ||||||
23 | County, the base homestead value, as set forth under | ||||||
24 | subdivision (b)(3)(A) and except as provided under | ||||||
25 | subdivision (b) (3) (B), must be recalculated as the | ||||||
26 | equalized assessed value of the property for the base |
| |||||||
| |||||||
1 | year, prior to exemptions, minus: | ||||||
2 | (1) if the general assessment year for the | ||||||
3 | property was 2003, the lesser of (i) $4,500 or (ii) | ||||||
4 | the amount equal to the increase in equalized | ||||||
5 | assessed value for the 2002 tax year above the | ||||||
6 | equalized assessed value for 1977; | ||||||
7 | (2) if the general assessment year for the | ||||||
8 | property was 2004, the lesser of (i) $4,500 or (ii) | ||||||
9 | the amount equal to the increase in equalized | ||||||
10 | assessed value for the 2003 tax year above the | ||||||
11 | equalized assessed value for 1977; | ||||||
12 | (3) if the general assessment year for the | ||||||
13 | property was 2005, the lesser of (i) $5,000 or (ii) | ||||||
14 | the amount equal to the increase in equalized | ||||||
15 | assessed value for the 2004 tax year above the | ||||||
16 | equalized assessed value for 1977.
| ||||||
17 | (B) If the property is sold or ownership is | ||||||
18 | otherwise transferred, other than sales or transfers | ||||||
19 | between spouses or between a parent and a child, "base | ||||||
20 | homestead value" means the equalized assessed value of | ||||||
21 | the property at the time of the sale or transfer prior | ||||||
22 | to exemptions, minus: (i) $4,500 in Cook County or | ||||||
23 | $3,500 in all other counties in tax year 2003;
(ii) | ||||||
24 | $5,000 in all counties in tax years
2004 and 2005; and | ||||||
25 | (iii) the lesser of the amount of the general homestead | ||||||
26 | exemption under Section 15-175 or an amount equal to |
| |||||||
| |||||||
1 | the increase in the equalized assessed value for the | ||||||
2 | current tax year above the equalized assessed value for | ||||||
3 | 1977 in tax year 2006 and thereafter, provided that it | ||||||
4 | was assessed as residential property qualified for any | ||||||
5 | of the homestead exemptions
under Sections 15-170 | ||||||
6 | through 15-175 of this Code, then in force, and
further | ||||||
7 | provided that the property's assessment was not based | ||||||
8 | on a reduced
assessed value resulting from a temporary | ||||||
9 | irregularity in the property.
| ||||||
10 | (3.5) "Base year" means (i) tax year 2002 in Cook | ||||||
11 | County or (ii) tax year 2005 or 2006
in all other counties | ||||||
12 | in accordance with the designation made by the county as | ||||||
13 | provided in subsection (k).
| ||||||
14 | (4) "Current tax year" means the tax year for which the | ||||||
15 | exemption under
this Section is being applied.
| ||||||
16 | (5) "Equalized assessed value" means the property's | ||||||
17 | assessed value as
equalized by the Department.
| ||||||
18 | (6) "Homestead" or "homestead property" means:
| ||||||
19 | (A) Residential property that as of January 1 of | ||||||
20 | the tax year is
occupied by its owner or owners as his, | ||||||
21 | her, or their principal dwelling
place, or that is a | ||||||
22 | leasehold interest on which a single family residence | ||||||
23 | is
situated, that is occupied as a residence by a | ||||||
24 | person who has a legal or
equitable interest therein | ||||||
25 | evidenced by a written instrument, as an owner
or as a | ||||||
26 | lessee, and on which the person is liable for the |
| |||||||
| |||||||
1 | payment of
property taxes. Residential units in an | ||||||
2 | apartment building owned and
operated as a | ||||||
3 | cooperative, or as a life care facility, which are | ||||||
4 | occupied by
persons who hold a legal or equitable | ||||||
5 | interest in the cooperative apartment
building or life | ||||||
6 | care facility as owners or lessees, and who are liable | ||||||
7 | by
contract for the payment of property taxes, shall be | ||||||
8 | included within this
definition of homestead property.
| ||||||
9 | (B) A homestead includes the dwelling place, | ||||||
10 | appurtenant
structures, and so much of the surrounding | ||||||
11 | land constituting the parcel on
which the dwelling | ||||||
12 | place is situated as is used for residential purposes. | ||||||
13 | If
the assessor has established a specific legal | ||||||
14 | description for a portion of
property constituting the | ||||||
15 | homestead, then the homestead shall be limited to
the | ||||||
16 | property within that description.
| ||||||
17 | (7) "Life care facility" means a facility as defined in | ||||||
18 | Section 2 of the
Life
Care Facilities Act.
| ||||||
19 | (c) If the property did not have a residential equalized | ||||||
20 | assessed value for
the base year as provided in subdivision | ||||||
21 | (b)(3)(A) of this Section, then the assessor
shall first | ||||||
22 | determine an initial value for the property by comparison with
| ||||||
23 | assessed values for the base year of other properties having | ||||||
24 | physical and
economic characteristics similar to those of the | ||||||
25 | subject property, so that the
initial value is uniform in | ||||||
26 | relation to assessed values of those other
properties for the |
| |||||||
| |||||||
1 | base year. The product of the initial value multiplied by
the | ||||||
2 | equalized factor for the base year for homestead properties in | ||||||
3 | that county, less: (i) $4,500 in Cook County or $3,500 in all | ||||||
4 | other counties in tax years
2003;
(ii) $5,000 in all counties | ||||||
5 | in tax year 2004 and 2005; and (iii) the lesser of the amount | ||||||
6 | of the general homestead exemption under Section 15-175 or an | ||||||
7 | amount equal to the increase in the equalized assessed value | ||||||
8 | for the current tax year above the equalized assessed value for | ||||||
9 | 1977 in tax year 2006 and thereafter, is the base homestead | ||||||
10 | value.
| ||||||
11 | For any tax year for which the assessor determines or | ||||||
12 | adjusts an initial
value and
hence a base homestead value under | ||||||
13 | this subsection (c), the initial value shall
be subject
to | ||||||
14 | review by the same procedures applicable to assessed values | ||||||
15 | established
under this
Code for that tax year.
| ||||||
16 | (d) The base homestead value shall remain constant, except | ||||||
17 | that the assessor
may
revise it under the following | ||||||
18 | circumstances:
| ||||||
19 | (1) If the equalized assessed value of a homestead | ||||||
20 | property for the current
tax year is less than the previous | ||||||
21 | base homestead value for that property, then the
current | ||||||
22 | equalized assessed value (provided it is not based on a | ||||||
23 | reduced assessed
value resulting from a temporary | ||||||
24 | irregularity in the property) shall become the
base | ||||||
25 | homestead value in subsequent tax years.
| ||||||
26 | (2) For any year in which new buildings, structures, or |
| |||||||
| |||||||
1 | other
improvements are constructed on the homestead | ||||||
2 | property that would increase its
assessed value, the | ||||||
3 | assessor shall adjust the base homestead value as provided | ||||||
4 | in
subsection (c) of this Section with due regard to the | ||||||
5 | value added by the new
improvements. | ||||||
6 | (3) If the property is sold or ownership is otherwise | ||||||
7 | transferred, the base homestead value of the property shall | ||||||
8 | be adjusted as provided in subdivision (b)(3)(B). This item | ||||||
9 | (3) does not apply to sales or transfers between spouses or | ||||||
10 | between a parent and a child.
| ||||||
11 | (4) the recalculation required in Cook County under | ||||||
12 | subdivision (b)(3)(A-5).
| ||||||
13 | (e) The amount of the exemption under this Section is the | ||||||
14 | equalized assessed
value of the homestead property for the | ||||||
15 | current tax year, minus the adjusted homestead
value, with the | ||||||
16 | following exceptions: | ||||||
17 | (1) In Cook County, the
exemption under this Section | ||||||
18 | shall not exceed $20,000 for any taxable year through tax | ||||||
19 | year: | ||||||
20 | (i) 2005, if the general assessment year for the
| ||||||
21 | property is 2003; | ||||||
22 | (ii) 2006, if the general assessment year for the
| ||||||
23 | property is 2004; or | ||||||
24 | (iii) 2007, if the general assessment year for the
| ||||||
25 | property is 2005. | ||||||
26 | (1.1) Thereafter, in Cook County, and in all other |
| |||||||
| |||||||
1 | counties, the exemption is as follows: | ||||||
2 | (i) if the general assessment year for the property | ||||||
3 | is 2006, then the exemption may not exceed : $33,000 for | ||||||
4 | taxable year 2006 and $40,000
for taxable years 2007 | ||||||
5 | and thereafter ; $26,000 for taxable year 2007; and | ||||||
6 | $20,000 for taxable year 2008 ; | ||||||
7 | (ii) if the general assessment year for the | ||||||
8 | property is 2007, then the exemption may not exceed | ||||||
9 | $40,000 for taxable years 2007 and thereafter : $33,000 | ||||||
10 | for taxable year 2007; $26,000 for taxable year 2008; | ||||||
11 | and $20,000 for taxable year 2009 ; and | ||||||
12 | (iii) if the general assessment year for the | ||||||
13 | property is 2008, then the exemption may not exceed | ||||||
14 | $40,000 for taxable years 2008 and
thereafter : $33,000 | ||||||
15 | for taxable year 2008; $26,000 for taxable year 2009; | ||||||
16 | and $20,000 for taxable year 2010 . | ||||||
17 | (1.5) In Cook County, for the 2006 taxable year only, the | ||||||
18 | maximum amount of the exemption set forth under subsection | ||||||
19 | (e)(1.1)(i) of this Section may be increased: (i) by $7,000 if | ||||||
20 | the equalized assessed value of the property in that taxable | ||||||
21 | year exceeds the equalized assessed value of that property in | ||||||
22 | 2002 by 100% or more; or (ii) by $2,000 if the equalized | ||||||
23 | assessed value of the property in that taxable year exceeds the | ||||||
24 | equalized assessed value of that property in 2002 by more than | ||||||
25 | 80% but less than 100%.
| ||||||
26 | (2) In the case of homestead property that also |
| |||||||
| |||||||
1 | qualifies for
the exemption under Section 15-172, the | ||||||
2 | property is entitled to the exemption under
this Section, | ||||||
3 | limited to the amount of (i) $4,500 in Cook County or | ||||||
4 | $3,500 in all other counties in tax year 2003,
(ii) $5,000 | ||||||
5 | in all counties in tax years
2004 and 2005, or (iii) the | ||||||
6 | lesser of the amount of the general homestead exemption | ||||||
7 | under Section 15-175 or an amount equal to the increase in | ||||||
8 | the equalized assessed value for the current tax year above | ||||||
9 | the equalized assessed value for 1977 in tax year 2006 and | ||||||
10 | thereafter.
| ||||||
11 | (f) In the case of an apartment building owned and operated | ||||||
12 | as a cooperative, or
as a life care facility, that contains | ||||||
13 | residential units that qualify as homestead property
under this | ||||||
14 | Section, the maximum cumulative exemption amount attributed to | ||||||
15 | the entire
building or facility shall not exceed the sum of the | ||||||
16 | exemptions calculated for each
qualified residential unit. The | ||||||
17 | cooperative association, management firm, or other person
or | ||||||
18 | entity that manages or controls the cooperative apartment | ||||||
19 | building or life care facility
shall credit the exemption | ||||||
20 | attributable to each residential unit only to the apportioned | ||||||
21 | tax
liability of the owner or other person responsible for | ||||||
22 | payment of taxes as to that unit.
Any person who willfully | ||||||
23 | refuses to so credit the exemption is guilty of a Class B
| ||||||
24 | misdemeanor.
| ||||||
25 | (g) When married persons maintain separate residences, the | ||||||
26 | exemption provided
under this Section shall be claimed by only |
| |||||||
| |||||||
1 | one such person and for only one residence.
| ||||||
2 | (h) In the event of a sale or other transfer in ownership | ||||||
3 | of the homestead property, the exemption under this
Section | ||||||
4 | shall remain in effect for the remainder of the tax year and be | ||||||
5 | calculated using the same base homestead value in which the | ||||||
6 | sale or transfer occurs, but (other than for sales or transfers | ||||||
7 | between spouses or between a parent and a child) shall be | ||||||
8 | calculated for any subsequent tax year using the new base | ||||||
9 | homestead value as provided in subdivision (b)(3)(B).
The | ||||||
10 | assessor may require the new owner of the property to apply for | ||||||
11 | the exemption in the
following year.
| ||||||
12 | (i) The assessor may determine whether property qualifies | ||||||
13 | as a homestead under
this Section by application, visual | ||||||
14 | inspection, questionnaire, or other
reasonable methods.
Each | ||||||
15 | year, at the time the assessment books are certified to the | ||||||
16 | county clerk
by the board
of review, the assessor shall furnish | ||||||
17 | to the county clerk a list of the
properties qualified
for the | ||||||
18 | homestead exemption under this Section. The list shall note the | ||||||
19 | base
homestead
value of each property to be used in the | ||||||
20 | calculation of the exemption for the
current tax
year.
| ||||||
21 | (j) In counties with 3,000,000 or more inhabitants, the | ||||||
22 | provisions of this Section apply as follows:
| ||||||
23 | (1) If the general assessment year for the property is | ||||||
24 | 2003, this Section
applies for taxable years 2003 and | ||||||
25 | thereafter.
assessment years 2003, 2004, 2005, 2006, 2007, | ||||||
26 | and 2008.
Thereafter, the provisions of Section 15-175 |
| |||||||
| |||||||
1 | apply.
| ||||||
2 | (2) If the general assessment year for the property is | ||||||
3 | 2004, this Section
applies for taxable years 2004 and | ||||||
4 | thereafter.
assessment years 2004, 2005, 2006, 2007, 2008, | ||||||
5 | and 2009.
Thereafter, the provisions of Section 15-175 | ||||||
6 | apply.
| ||||||
7 | (3) If the general assessment year for the property is | ||||||
8 | 2005, this Section
applies for taxable years 2005 and | ||||||
9 | thereafter.
assessment years 2005, 2006, 2007, 2008, 2009, | ||||||
10 | and 2010.
Thereafter, the provisions of Section 15-175 | ||||||
11 | apply. | ||||||
12 | In counties with less than 3,000,000 inhabitants, this | ||||||
13 | Section applies for taxable years (i)
2006 and thereafter if | ||||||
14 | taxable year 2005 is the designated base
year or (ii) 2007 and | ||||||
15 | thereafter if taxable year 2006 is the
designated base year.
| ||||||
16 | assessment years (i) 2006, 2007, and 2008, and 2009 if tax year | ||||||
17 | 2005
is the designated base year or (ii) 2007, 2008, 2009, and | ||||||
18 | 2010 if tax year 2006
is the designated base year. Thereafter, | ||||||
19 | the provisions of Section 15-175 apply.
| ||||||
20 | (k) To be subject to the provisions of this Section in lieu | ||||||
21 | of Section 15-175, a county must adopt an ordinance to subject | ||||||
22 | itself to the provisions of this Section within 6 months after | ||||||
23 | the effective date of this amendatory Act of the 95th General | ||||||
24 | Assembly
. In a county other than Cook County, the ordinance | ||||||
25 | must designate either tax year 2005
or tax year 2006
as the | ||||||
26 | base year.
|
| |||||||
| |||||||
1 | (l) Notwithstanding Sections 6 and 8 of the State Mandates | ||||||
2 | Act, no
reimbursement
by the State is required for the | ||||||
3 | implementation of any mandate created by this
Section.
| ||||||
4 | (Source: P.A. 93-715, eff. 7-12-04; 09500HB0664enr.)".
|