Sen. Michael Connelly

Filed: 3/27/2014

 

 


 

 


 
09800SB2951sam001LRB098 16883 HLH 57638 a

1
AMENDMENT TO SENATE BILL 2951

2    AMENDMENT NO. ______. Amend Senate Bill 2951 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Senior Citizens Real Estate Tax Deferral
5Act 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
9for the year is no greater than: (i) $40,000 through tax year
102005; (ii) $50,000 for tax years 2006 through 2011; and (iii)
11$55,000 for tax year 2012 and thereafter.
12    (b) "Tax deferred property" means the property upon which
13real estate taxes are deferred under this Act.
14    (c) "Homestead" means the land and buildings thereon,
15including a condominium or a dwelling unit in a multidwelling
16building that is owned and operated as a cooperative, occupied

 

 

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1by the taxpayer as his residence or which are temporarily
2unoccupied by the taxpayer because such taxpayer is temporarily
3residing, for not more than 1 year, in a licensed facility as
4defined in Section 1-113 of the Nursing Home Care Act.
5    (d) "Real estate taxes" or "taxes" means the taxes on real
6property for which the taxpayer would be liable under the
7Property Tax Code, including special service area taxes, and
8special assessments on benefited real property for which the
9taxpayer would be liable to a unit of local government.
10    (e) "Department" means the Department of Revenue.
11    (f) "Qualifying property" means a homestead which (a) the
12taxpayer or the taxpayer and his spouse own in fee simple or
13are purchasing in fee simple under a recorded instrument of
14sale, (b) is not income-producing property, and (c) is not
15subject to a lien for unpaid real estate taxes when a claim
16under this Act is filed, and (d) is not held in trust, other
17than an Illinois land trust with the taxpayer identified as the
18sole beneficiary, if the taxpayer is filing for the program for
19the first time effective as of the January 1, 2011 assessment
20year or tax year 2012 and thereafter.
21    (g) "Equity interest" means the current assessed valuation
22of the qualified property times the fraction necessary to
23convert that figure to full market value minus any outstanding
24debts or liens on that property. In the case of qualifying
25property not having a separate assessed valuation, the
26appraised value as determined by a qualified real estate

 

 

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1appraiser shall be used instead of the current assessed
2valuation.
3    (h) "Household income" has the meaning ascribed to that
4term in the Senior Citizens and Disabled Persons Property Tax
5Relief Act.
6    (i) "Collector" means the county collector or, if the taxes
7to be deferred are special assessments, an official designated
8by a unit of local government to collect special assessments.
9(Source: P.A. 97-481, eff. 8-22-11; 97-689, eff. 6-14-12.)
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.".