|
|
Sen. Susan Garrett
Filed: 5/14/2008
|
|
09500SB0804sam002 |
|
LRB095 05478 HLH 50848 a |
|
|
| 1 |
| AMENDMENT TO SENATE BILL 804
|
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 804, AS AMENDED, by |
| 3 |
| replacing everything after the enacting clause with the |
| 4 |
| following:
|
| 5 |
| "Section 5. The Property Tax Code is amended by changing |
| 6 |
| Section 15-167 as follows:
|
| 7 |
| (35 ILCS 200/15-167) |
| 8 |
| Sec. 15-167. Returning Veterans' Homestead Exemption. |
| 9 |
| (a) Beginning with taxable year 2007, a homestead |
| 10 |
| exemption, limited to a reduction set forth under subsection |
| 11 |
| (b), from the property's value, as equalized or assessed by the |
| 12 |
| Department, is granted for property that is owned and occupied |
| 13 |
| as the principal residence of a veteran returning from an armed |
| 14 |
| conflict involving the armed forces of the United States who is |
| 15 |
| liable for paying real estate taxes on the property and is an |
| 16 |
| owner of record of the property or has a legal or equitable |
|
|
|
09500SB0804sam002 |
- 2 - |
LRB095 05478 HLH 50848 a |
|
|
| 1 |
| interest therein as evidenced by a written instrument, except |
| 2 |
| for a leasehold interest, other than a leasehold interest of |
| 3 |
| land on which a single family residence is located, which is |
| 4 |
| occupied as the principal residence of a veteran returning from |
| 5 |
| an armed conflict involving the armed forces of the United |
| 6 |
| States who has an ownership interest therein, legal, equitable |
| 7 |
| or as a lessee, and on which he or she is liable for the payment |
| 8 |
| of property taxes. For purposes of the exemption under this |
| 9 |
| Section, "veteran" means an Illinois resident who has served as |
| 10 |
| a member of the United States Armed Forces, a member of the |
| 11 |
| Illinois National Guard, or a member of the United States |
| 12 |
| Reserve Forces. |
| 13 |
| (b) In all counties, the reduction is $5,000 and only for |
| 14 |
| the taxable year in which the veteran returns from active duty |
| 15 |
| in an armed conflict involving the armed forces of the United |
| 16 |
| States; however, if the veteran first acquires his or her |
| 17 |
| principal residence during the taxable year in which he or she |
| 18 |
| returns, but after January 1 of that year, and if the property |
| 19 |
| is owned and occupied by the veteran as a principal residence |
| 20 |
| on January 1 of the next taxable year, he or she may apply the |
| 21 |
| exemption for the next taxable year, and only the next taxable |
| 22 |
| year, after he or she returns. For land improved with an |
| 23 |
| apartment building owned and operated as a cooperative, the |
| 24 |
| maximum reduction from the value of the property, as equalized |
| 25 |
| by the Department, must be multiplied by the number of |
| 26 |
| apartments or units occupied by a veteran returning from an |
|
|
|
09500SB0804sam002 |
- 3 - |
LRB095 05478 HLH 50848 a |
|
|
| 1 |
| armed conflict involving the armed forces of the United States |
| 2 |
| who is liable, by contract with the owner or owners of record, |
| 3 |
| for paying property taxes on the property and is an owner of |
| 4 |
| record of a legal or equitable interest in the cooperative |
| 5 |
| apartment building, other than a leasehold interest. In a |
| 6 |
| cooperative where a homestead exemption has been granted, the |
| 7 |
| cooperative association or the management firm of the |
| 8 |
| cooperative or facility shall credit the savings resulting from |
| 9 |
| that exemption only to the apportioned tax liability of the |
| 10 |
| owner or resident who qualified for the exemption. Any person |
| 11 |
| who willfully refuses to so credit the savings is guilty of a |
| 12 |
| Class B misdemeanor. |
| 13 |
| (c) Application must be made during the application period |
| 14 |
| in effect for the county of his or her residence. The assessor |
| 15 |
| or chief county assessment officer may determine the |
| 16 |
| eligibility of residential property to receive the homestead |
| 17 |
| exemption provided by this Section by application, visual |
| 18 |
| inspection, questionnaire, or other reasonable methods. The |
| 19 |
| determination must be made in accordance with guidelines |
| 20 |
| established by the Department. |
| 21 |
| (d) The exemption under this Section is in addition to any |
| 22 |
| other homestead exemption provided in this Article 15. |
| 23 |
| Notwithstanding Sections 6 and 8 of the State Mandates Act, no |
| 24 |
| reimbursement by the State is required for the implementation |
| 25 |
| of any mandate created by this Section.
|
| 26 |
| (Source: P.A. 95-644, eff. 10-12-07.)
|