Full Text of SB0804 95th General Assembly
SB0804sam001 95TH GENERAL ASSEMBLY
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Sen. Susan Garrett
Filed: 4/30/2008
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| AMENDMENT TO SENATE BILL 804
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| AMENDMENT NO. ______. Amend Senate Bill 804 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Property Tax Code is amended by changing | 5 |
| Section 15-167 as follows: | 6 |
| (35 ILCS 200/15-167) | 7 |
| Sec. 15-167. Returning Veterans' Homestead Exemption. | 8 |
| (a) Beginning with taxable year 2007, a homestead | 9 |
| exemption, limited to a reduction set forth under subsection | 10 |
| (b), from the property's value, as equalized or assessed by the | 11 |
| Department, is granted for property that is owned and occupied | 12 |
| as the principal residence of a veteran returning from an armed | 13 |
| conflict involving the armed forces of the United States who is | 14 |
| liable for paying real estate taxes on the property and is an | 15 |
| owner of record of the property or has a legal or equitable | 16 |
| interest therein as evidenced by a written instrument, except |
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| for a leasehold interest, other than a leasehold interest of | 2 |
| land on which a single family residence is located, which is | 3 |
| occupied as the principal residence of a veteran returning from | 4 |
| an armed conflict involving the armed forces of the United | 5 |
| States who has an ownership interest therein, legal, equitable | 6 |
| or as a lessee, and on which he or she is liable for the payment | 7 |
| of property taxes. For purposes of the exemption under this | 8 |
| Section, "veteran" means an Illinois resident who has served as | 9 |
| a member of the United States Armed Forces, a member of the | 10 |
| Illinois National Guard, or a member of the United States | 11 |
| Reserve Forces. | 12 |
| (b) In all counties, the reduction is $5,000 and only for | 13 |
| the taxable year in which the veteran returns from active duty | 14 |
| in an armed conflict involving the armed forces of the United | 15 |
| States , or the next taxable year if subsection (c-5) applies . | 16 |
| For land improved with an apartment building owned and operated | 17 |
| as a cooperative, the maximum reduction from the value of the | 18 |
| property, as equalized by the Department, must be multiplied by | 19 |
| the number of apartments or units occupied by a veteran | 20 |
| returning from an armed conflict involving the armed forces of | 21 |
| the United States who is liable, by contract with the owner or | 22 |
| owners of record, for paying property taxes on the property and | 23 |
| is an owner of record of a legal or equitable interest in the | 24 |
| cooperative apartment building, other than a leasehold | 25 |
| interest. In a cooperative where a homestead exemption has been | 26 |
| granted, the cooperative association or the management firm of |
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| the cooperative or facility shall credit the savings resulting | 2 |
| from that exemption only to the apportioned tax liability of | 3 |
| the owner or resident who qualified for the exemption. Any | 4 |
| person who willfully refuses to so credit the savings is guilty | 5 |
| of a Class B misdemeanor. | 6 |
| (c) Application must be made during the application period | 7 |
| in effect for the county of his or her residence. The assessor | 8 |
| or chief county assessment officer may determine the | 9 |
| eligibility of residential property to receive the homestead | 10 |
| exemption provided by this Section by application, visual | 11 |
| inspection, questionnaire, or other reasonable methods. The | 12 |
| determination must be made in accordance with guidelines | 13 |
| established by the Department. | 14 |
| (c-5) A veteran who changes or first acquires his or her | 15 |
| principal residence during the taxable year in which he or she | 16 |
| returns from an armed conflict involving the armed forces of | 17 |
| the United States may elect to receive the exemption granted | 18 |
| under this Section either for that taxable year (in which case | 19 |
| it shall apply to the new residence only) or for the next | 20 |
| taxable year, but not both. Such a veteran who was otherwise | 21 |
| eligible for but did not receive an exemption under this | 22 |
| Section for taxable year 2007 or taxable year 2008 may elect to | 23 |
| receive the exemption under this Section for taxable year 2009. | 24 |
| (d) The exemption under this Section is in addition to any | 25 |
| other homestead exemption provided in this Article 15. | 26 |
| Notwithstanding Sections 6 and 8 of the State Mandates Act, no |
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| reimbursement by the State is required for the implementation | 2 |
| of any mandate created by this Section.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.".
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