093_HB3899

                                     LRB093 13602 SJM 18977 b

 1        AN ACT concerning taxes.

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

 4        Section 5.  The Property Tax Code is amended by  changing
 5    Section 15-180 as follows:

 6        (35 ILCS 200/15-180)
 7        Sec.    15-180.    Homestead   improvements.    Homestead
 8    properties that have been improved and residential structures
 9    on homestead property that  have  been  rebuilt  following  a
10    catastrophic  event  are  entitled to a homestead improvement
11    exemption, limited to $30,000 per year through  December  31,
12    1997,  and  $45,000  beginning  January  1,  1998 and through
13    December 31, 2003, and $75,000 per year  for  that  homestead
14    property  beginning  January  1, 2004 and thereafter, in fair
15    cash value, when that property is owned and used  exclusively
16    for  a  residential  purpose  and  upon  demonstration that a
17    proposed increase in assessed value is attributable solely to
18    a new improvement of an existing structure or the  rebuilding
19    of  a  residential  structure following a catastrophic event.
20    To be eligible for an exemption under this  Section  after  a
21    catastrophic event, the residential structure must be rebuilt
22    within  2  years  after the catastrophic event. The exemption
23    for rebuilt structures under  this  Section  applies  to  the
24    increase  in value of the rebuilt structure over the value of
25    the structure before the catastrophic event.  The  amount  of
26    the  exemption  shall be limited to the fair cash value added
27    by the new improvement or rebuilding and shall continue until
28    the homestead property is sold or otherwise transferred for 4
29    years  from  the  date  the  improvement  or  rebuilding   is
30    completed  and  occupied, or until the next following general
31    assessment of that property, whichever is later.
 
                            -2-      LRB093 13602 SJM 18977 b
 1        A proclamation of disaster by the President of the United
 2    States or  Governor  of  the  State  of  Illinois  is  not  a
 3    prerequisite  to  the  classification  of  an occurrence as a
 4    catastrophic  event  under  this  Section.   A  "catastrophic
 5    event" may include an  occurrence  of  widespread  or  severe
 6    damage  or  loss  of property resulting from any catastrophic
 7    cause including but not  limited  to  fire,  including  arson
 8    (provided the fire was not caused by the willful action of an
 9    owner  or resident of the property), flood, earthquake, wind,
10    storm, explosion, or extended  periods  of  severe  inclement
11    weather.   In the case of a residential structure affected by
12    flooding, the  structure  shall  not  be  eligible  for  this
13    homestead improvement exemption unless it is located within a
14    local  jurisdiction  which  is  participating in the National
15    Flood Insurance Program.
16        In  counties  of  less  than  3,000,000  inhabitants,  in
17    addition to the notice requirement  under  Section  12-30,  a
18    supervisor  of  assessments,  county assessor, or township or
19    multi-township assessor responsible for adding an  assessable
20    improvement  to  a  residential  property's  assessment shall
21    either notify a taxpayer whose assessment  has  been  changed
22    since  the  last  preceding  assessment that he or she may be
23    eligible for the exemption provided  under  this  Section  or
24    shall grant the exemption automatically.
25        Beginning  January  1,  1999, in counties of 3,000,000 or
26    more inhabitants, an application for a homestead  improvement
27    exemption  for  a residential structure that has been rebuilt
28    following a catastrophic event must be submitted to the Chief
29    County Assessment Officer with a valuation  complaint  and  a
30    copy  of  the  building permit to rebuild the structure.  The
31    Chief  County  Assessment  Officer  may  require   additional
32    documentation which must be provided by the applicant.
33    (Source:  P.A.  89-595,  eff.  1-1-97;  89-690,  eff. 6-1-97;
34    90-14,  eff.  7-1-97;  90-186,  eff.  7-24-97;  90-655,  eff.
 
                            -3-      LRB093 13602 SJM 18977 b
 1    7-30-98; 90-704, eff. 8-7-98.)

 2        Section 99.  Effective date.  This Act takes effect  upon
 3    becoming law.