HB5871 98TH GENERAL ASSEMBLY

LRB098 17164 HLH 52251 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5871

Introduced , by Rep. Sam Yingling

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-179 new
30 ILCS 805/8.38 new

Amends the Property Tax Code. Creates a first-time homebuyer homestead exemption. Provides that property that is owned and occupied by a first-time homebuyer is entitled to a reduction in the equalized assessed value of the property in an amount not to exceed $250,000. Amends the State Mandates Act to require implementation without reimbursement.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-179 as follows:

(35 ILCS 200/15-179 new)

Sec. 15-179. First-time homebuyer homestead exemption.

(a) Notwithstanding any other provision of law, for taxable years 2015 and thereafter, homestead property that is occupied during the taxable year by a first-time homebuyer who has an ownership interest in the property is entitled to a reduction in the equalized assessed value of the property in an amount not to exceed $250,000.

(b) When married persons maintain separate residences, the exemption provided for in this Section may be claimed by only one of those persons and for only one residence.

(c) Application must be made during the application period in effect for the county of residence. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption provided by this Section by application, visual inspection, questionnaire, or other reasonable methods. The determination must be made in accordance with guidelines established by the Department.

(d) As used in this Section:

"First-time homebuyer" means an individual who, prior to January 1 of the taxable year, has not held an ownership interest in residential property.

"Homestead" or "homestead property" means residential property that as of January 1 of the tax year is occupied by a first-time homebuyer as his or her principal dwelling place. Residential units in an apartment building owned and operated as a cooperative, or as a life care facility, which are occupied by persons who hold a legal or equitable interest in the cooperative apartment building or life care facility as owners are included within this definition of homestead property. A homestead includes the dwelling place, appurtenant structures, and so much of the surrounding land constituting the parcel on which the dwelling place is situated as is used for residential purposes. If the assessor has established a specific legal description for a portion of property constituting the homestead, then the homestead is limited to the property within that description.

Section 90. The State Mandates Act is amended by adding Section 8.38 as follows:

(30 ILCS 805/8.38 new)

Sec. 8.38. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 98th General Assembly.