Synopsis As Introduced Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "taxing district".
Fiscal Note (S-AM 1) (Dept. of Revenue)
There is no state fiscal impact. The impact on local governments comes in three ways. (1) It makes the Alternative General Homestead Exemption (AGHE) created pursuant to Public Act 93-715 permanent in Cook County, where two thirds of the way through the implementation no loss to taxing districts has been identified. (2) It allows any of the 101 other counties another opportunity to opt into the AGHE. The fiscal impact cannot be calculated, but will depend upon how many counties opt in and whether they have properties increasing more than 7% in value annually. When the AGHE was originally offered in 2004, no county except Cook chose to adopt it. The difference between Cook County, which does not equalize between triennial reassessments and other counties that do, would reduce use of the AGHE in other counties. (3) It removes the $20,000 maximum on the AGHE. In Chicago, there were 75,000 out of 357,000 homestead properties on which the AGHE's hit the 20,000 cap the first year, primarily among higher-priced properties. The fiscal impact cannot be calculated, but the Department has contracted for a detailed study that will provide this information for Cook County.