Full Text of SB2255 102nd General Assembly
SB2255 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 SB2255 Introduced 2/26/2021, by Sen. Win Stoller SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Provides that homestead property that is newly constructed is entitled to a homestead exemption limited to $75,000
per year in fair cash value, if that
property
is owned and used exclusively for a residential purpose, regardless of whether or not that property has been rebuilt following a catastrophic event. Provides that chief county assessment officer shall award not more than $5,000,000 in exemptions under those provisions in any taxable year for property that has not been improved or newly constructed following a catastrophic event. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 15-180 as follows: | 6 | | (35 ILCS 200/15-180)
| 7 | | Sec. 15-180. Homestead improvements. Homestead properties | 8 | | that have been
improved and residential structures on | 9 | | homestead property that have been
rebuilt following a | 10 | | catastrophic event are entitled to a homestead improvement
| 11 | | exemption, limited to $30,000 per year through December 31, | 12 | | 1997,
$45,000 beginning January 1, 1998 and through December | 13 | | 31, 2003, and $75,000
per year for that homestead property | 14 | | beginning
January 1, 2004
and thereafter, in fair cash value, | 15 | | when that
property
is owned and used exclusively for a | 16 | | residential purpose and upon demonstration
that a proposed | 17 | | increase in assessed value is attributable solely to a new
| 18 | | improvement of an existing structure or the rebuilding of a | 19 | | residential
structure following a catastrophic event. To be | 20 | | eligible for an exemption
under this Section after a | 21 | | catastrophic event, the residential structure must
be rebuilt | 22 | | within 2 years after the catastrophic event. The exemption for
| 23 | | rebuilt structures under this Section applies to the increase |
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| 1 | | in value of the
rebuilt structure over the value of the | 2 | | structure before the catastrophic
event. Beginning in taxable | 3 | | year 2022, homestead property that is newly constructed is | 4 | | entitled to a homestead exemption limited to $75,000
per year | 5 | | in fair cash value, if that
property
is owned and used | 6 | | exclusively for a residential purpose, regardless of whether | 7 | | or not that property has been rebuilt following a catastrophic | 8 | | event. The chief county assessment officer shall award not | 9 | | more than $5,000,000 in exemptions under this Section in any | 10 | | taxable year for property that has not been improved or newly | 11 | | constructed following a catastrophic event; that $5,000,000 in | 12 | | exemptions shall be awarded on a first-come-first-served | 13 | | basis. The amount of the exemption shall be limited to the fair | 14 | | cash value
added by the new improvement or rebuilding and | 15 | | shall continue
for 4 years from
the date the improvement or | 16 | | rebuilding is completed and occupied, or until the
next | 17 | | following general assessment of that property, whichever is | 18 | | later.
| 19 | | A proclamation of disaster by the President of the United | 20 | | States or Governor
of the State of Illinois is not a | 21 | | prerequisite to the classification of an
occurrence as a | 22 | | catastrophic event under this Section. A "catastrophic event"
| 23 | | may include an occurrence of widespread or severe damage or | 24 | | loss of property
resulting from any catastrophic cause | 25 | | including but not limited to fire,
including arson (provided | 26 | | the fire was not caused by the willful action of an
owner or |
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| 1 | | resident of the property), flood, earthquake, wind, storm, | 2 | | explosion,
or extended periods of severe inclement weather. In | 3 | | the case of a residential
structure affected by flooding, the | 4 | | structure shall not be eligible for this
homestead improvement | 5 | | exemption unless it is located within a local
jurisdiction | 6 | | which is participating in the National Flood Insurance | 7 | | Program.
| 8 | | In counties of less than 3,000,000 inhabitants, in | 9 | | addition to the notice
requirement under Section 12-30, a | 10 | | supervisor of assessments, county assessor,
or township or | 11 | | multi-township assessor responsible for adding an assessable
| 12 | | improvement to a residential property's assessment shall | 13 | | either notify a
taxpayer whose assessment has been changed | 14 | | since the last preceding assessment
that he or she may be | 15 | | eligible for the exemption provided under this Section or
| 16 | | shall grant the exemption automatically.
| 17 | | Beginning January 1, 1999, in counties of 3,000,000 or | 18 | | more inhabitants,
an application for a
homestead
improvement | 19 | | exemption for a residential structure that has been rebuilt
| 20 | | following a catastrophic event must be submitted to the Chief | 21 | | County Assessment
Officer with a valuation complaint and a | 22 | | copy of the building permit to rebuild
the structure. The | 23 | | Chief County Assessment Officer may require additional
| 24 | | documentation which must be provided by the applicant.
| 25 | | Notwithstanding Sections 6 and 8 of the State Mandates | 26 | | Act, no reimbursement by the State is required for the |
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| 1 | | implementation of any mandate created by this Section.
| 2 | | (Source: P.A. 93-715, eff. 7-12-04.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
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