Illinois General Assembly - Full Text of SB3012
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Full Text of SB3012  102nd General Assembly

SB3012 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3012

 

Introduced 1/5/2022, by Sen. Mike Simmons

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-173.1 new

    Amends the Property Tax Code. Provides that the county board may designate a geographic area within the county as a flood zone. Provides that homestead property that is located within a flood zone is entitled to a reduction of $5,000 from the property's equalized assessed value for the tax year in which the area is designated as a flood zone.


LRB102 22883 HLH 32034 b

 

 

A BILL FOR

 

SB3012LRB102 22883 HLH 32034 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 15-173.1 as follows:
 
6    (35 ILCS 200/15-173.1 new)
7    Sec. 15-173.1. Homestead exemption for property in a flood
8zone. Beginning with tax year 2023, if a geographic area
9within a county experiences excessive flooding in any tax
10year, the county board of the county may, by ordinance,
11designate that area as a flood zone for that tax year.
12Homestead property that is located within a flood zone is
13entitled to a reduction of $5,000 from the property's
14equalized assessed value for the tax year in which the area is
15designated as a flood zone. As used in this Section,
16"homestead property" has the meaning given to that term in
17Section 15-175.