Illinois General Assembly - Bill Status for HB4855
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 Bill Status of HB4855  101st General Assembly


Short Description:  PROP TX-NATURAL DISASTER

House Sponsors
Rep. Michael T. Marron

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/10-140
35 ILCS 200/15-173


Synopsis As Introduced
Amends the Property Tax Code. In a Section granting a natural disaster homestead exemption, removes language providing that the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. Removes provisions providing that the taxpayer's initial application for a natural disaster homestead exemption must be made no later than the first taxable year after the residential structure is rebuilt. Provides that, if the square footage of the rebuilt structure exceeds 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster, then the amount of the natural disaster homestead exemption is the equalized assessed value per square foot of the rebuilt structure multiplied by 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster minus the base amount. Provides that the amendatory Act is retroactive to the 2012 taxable year. Sets forth provisions concerning the valuation of farm improvements that have been rebuilt following a natural disaster. Effective immediately.

Actions 
DateChamber Action
  2/11/2020HouseFiled with the Clerk by Rep. Michael T. Marron
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  1/13/2021HouseSession Sine Die

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