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Synopsis As Introduced Amends the Property Tax Code. In a Section concerning the Senior Citizens Homestead Exemption, provides that in all counties (now, in counties with less than 3,000,000 inhabitants), the county board may by resolution provide that if a person has been granted the homestead exemption, the person qualifying need not reapply for the exemption. In a Section concerning the alternative general homestead exemption, deletes provisions ending the alternative exemption after certain tax years. Provides that the $20,000 limit on the alternative exemption applies only for certain tax years. Sets forth requirements for ordinances by counties concerning the homestead exemption. Effective immediately.
Deletes everything after the enacting clause. Amends the Property Tax Code. Creates the Returning Veterans' Homestead Exemption, under which an exemption from the property's value is granted for residential property that is owned and occupied as a residence by a veteran for the tax year in which the veteran returns from active duty in an armed conflict involving the armed forces of the United States. In a Section concerning the Senior Citizens Homestead Exemption, provides that in all counties (now, in counties with less than 3,000,000 inhabitants), the county board may by resolution provide that if a person has been granted the homestead exemption, the person qualifying need not reapply for the exemption. In a Section concerning the alternative general homestead exemption, extends the alternative exemption by an additional 3 years. Provides that the maximum amount of the exemption is $60,000 if the general assessment year for the property is 2006 or later. Provides that the base year for counties other than Cook County is the 2004 or 2005 tax year. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Senate Floor Amendment No. 2 Provides that, to subject itself to the provisions of the alternative general homestead exemption, a county must adopt an ordinance to that effect within 6 months after the effective date of this amendatory Act.
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