SB0798 95TH GENERAL ASSEMBLY

LRB095 05484 BDD 25574 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0798

Introduced 2/8/2007, by Sen. Don Harmon - Emil Jones, Jr.

SYNOPSIS AS INTRODUCED:

35 ILCS 250/25

Amends the Longtime Owner-Occupant Property Tax Relief Act. Makes a technical change in a Section concerning retroactive application of the Act.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Longtime Owner-Occupant Property Tax Relief Act is amended by changing Section 25 as follows:

(35 ILCS 250/25)

Sec. 25. Retroactive application. The The corporate authorities of a county to which this Act applies may use any county record or other information that predates the effective date of this Act by up to 5 years for the purpose of determining whether an increase in the market value of a longtime owner-occupant's principal residence is a consequence of the refurbishing or renovating of other residences or the construction of new residences in long-established residential areas or areas of deteriorated, vacant, or abandoned homes and properties.

(Source: P.A. 88-451.)