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

 

 

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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

 

 

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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.)
 

 

 

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