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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1165 Introduced 02/08/11, by Rep. Patrick J. Verschoore SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that each parcel of property that qualifies for a homestead exemption under the Code shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB1165 | | LRB097 06423 HLH 46505 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 15-190 as follows:
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| 6 | | (35 ILCS 200/15-190 new) |
| 7 | | Sec. 15-190. Minimum equalized assessed valuation. |
| 8 | | Notwithstanding any other provision of law, beginning in |
| 9 | | taxable year 2011, each parcel of property that qualifies for a |
| 10 | | homestead exemption provided under this Article 15 shall have a |
| 11 | | minimum equalized assessed value of $1,000 after each |
| 12 | | applicable homestead exemption is applied to the property.
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| 13 | | Section 99. Effective date. This Act takes effect upon |
| 14 | | becoming law.
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