SB3012 102ND GENERAL ASSEMBLY

LRB102 22883 HLH 32034 b

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.

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 15-173.1 as follows:

(35 ILCS 200/15-173.1 new)

Sec. 15-173.1. Homestead exemption for property in a flood zone. Beginning with tax year 2023, if a geographic area within a county experiences excessive flooding in any tax year, the county board of the county may, by ordinance, designate that area as a flood zone for that tax year. 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. As used in this Section, "homestead property" has the meaning given to that term in Section 15-175.