94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2143

 

Introduced 10/26/2005, by Sen. Pamela J. Althoff

 

SYNOPSIS AS INTRODUCED:
 
320 ILCS 30/2   from Ch. 67 1/2, par. 452

    Amends the Senior Citizens Real Estate Tax Deferral Act. Provides that the term "taxpayer" means an individual whose household income for the year is no greater than $45,000 (now, $40,000). 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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1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Senior Citizens Real Estate Tax Deferral Act
5 is amended by changing Section 2 as follows:
 
6     (320 ILCS 30/2)  (from Ch. 67 1/2, par. 452)
7     Sec. 2. Definitions. As used in this Act:
8     (a) "Taxpayer" means an individual whose household income
9 for the year is no greater than $45,000 $40,000.
10     (b) "Tax deferred property" means the property upon which
11 real estate taxes are deferred under this Act.
12     (c) "Homestead" means the land and buildings thereon,
13 including a condominium or a dwelling unit in a multidwelling
14 building that is owned and operated as a cooperative, occupied
15 by the taxpayer as his residence or which are temporarily
16 unoccupied by the taxpayer because such taxpayer is temporarily
17 residing, for not more than 1 year, in a licensed facility as
18 defined in Section 1-113 of the Nursing Home Care Act.
19     (d) "Real estate taxes" or "taxes" means the taxes on real
20 property for which the taxpayer would be liable under the
21 Property Tax Code, including special service area taxes, and
22 special assessments on benefited real property for which the
23 taxpayer would be liable to a unit of local government.
24     (e) "Department" means the Department of Revenue.
25     (f) "Qualifying property" means a homestead which (a) the
26 taxpayer or the taxpayer and his spouse own in fee simple or
27 are purchasing in fee simple under a recorded instrument of
28 sale, (b) is not income-producing property, (c) is not subject
29 to a lien for unpaid real estate taxes when a claim under this
30 Act is filed.
31     (g) "Equity interest" means the current assessed valuation
32 of the qualified property times the fraction necessary to

 

 

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1 convert that figure to full market value minus any outstanding
2 debts or liens on that property. In the case of qualifying
3 property not having a separate assessed valuation, the
4 appraised value as determined by a qualified real estate
5 appraiser shall be used instead of the current assessed
6 valuation.
7     (h) "Household income" has the meaning ascribed to that
8 term in the Senior Citizens and Disabled Persons Property Tax
9 Relief and Pharmaceutical Assistance Act.
10     (i) "Collector" means the county collector or, if the taxes
11 to be deferred are special assessments, an official designated
12 by a unit of local government to collect special assessments.
13 (Source: P.A. 92-639, eff. 1-1-03.)
 
14     Section 99. Effective date. This Act takes effect upon
15 becoming law.