SB2032 96TH GENERAL ASSEMBLY

LRB096 11224 HLH 21629 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2032

Introduced 2/20/2009, by Sen. Chris Lauzen

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-182 new

Amends the Property Tax Code. Provides that the county clerk shall abate the taxes imposed on property that qualifies for the senior citizens assessment freeze homestead exemption under Section 15-172, in an amount equal to 50% of the taxes attributable to the first $200,000 market value of the residence. Provides that the State shall reimburse each taxing district for the lost revenue. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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 Property Tax Code is amended by adding Section 18-182 as follows:

(35 ILCS 200/18-182 new)

Sec. 18-182. Property subject to the senior citizens assessment freeze homestead exemption. Beginning in taxable year 2009, the county clerk shall abate the property taxes imposed on property that qualifies for the senior citizens assessment freeze homestead exemption under Section 15-172, in an amount equal to 50% of the taxes attributable to the first $200,000 market value of the residence. The State shall reimburse each taxing district in an amount equal to the revenue lost by that taxing district as a result of an abatement under this Section.

Section 99. Effective date. This Act takes effect upon becoming law.