Full Text of HB4924 100th General Assembly
HB4924 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB4924 Introduced , by Rep. Jerry Lee Long SYNOPSIS AS INTRODUCED: |
| 35 ILCS 200/15-173 | | 35 ILCS 200/15-173.5 new | |
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Amends the Property Tax Code. Creates the Natural Disaster Home Repair Assistance Homestead Exemption. Creates a homestead exemption for homestead property that meets the following criteria: (1) the property sustains damage as a result a natural disaster occurring in assessment year 2017 or any assessment year thereafter; and (2) the homeowner incurs costs to repair that damage during the assessment year for which the exemption is sought. Provides that the exemption is a reduction in the equalized assessed value of the property in an amount equal to the costs incurred by the homeowner, but not to exceed $5,000 per year. 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 15-173 and by adding Section 15-173.5 as follows: | 6 | | (35 ILCS 200/15-173) | 7 | | Sec. 15-173. Natural Disaster Homestead Exemption. | 8 | | (a) This Section may be cited as the Natural Disaster | 9 | | Homestead Exemption. | 10 | | (b) As used in this Section: | 11 | | "Base amount" means the base year equalized assessed value | 12 | | of the residence. | 13 | | "Base year" means the taxable year prior to the taxable | 14 | | year in which the natural disaster occurred. | 15 | | "Chief county assessment officer" means the County | 16 | | Assessor or Supervisor of
Assessments of the county in which | 17 | | the property is located. | 18 | | "Equalized assessed value" means the assessed value as | 19 | | equalized by the
Illinois Department of Revenue. | 20 | | "Homestead property" has the meaning ascribed to that term | 21 | | in Section 15-175 of this Code. | 22 | | "Natural disaster" means an occurrence of widespread or | 23 | | severe damage or loss of property
resulting from any |
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| 1 | | catastrophic cause including but not limited to fire, flood, | 2 | | earthquake, wind, storm, or extended period of severe inclement | 3 | | weather. In the case of a residential
structure affected by | 4 | | flooding, the structure shall not be eligible for this
| 5 | | homestead improvement exemption unless it is located within a | 6 | | local
jurisdiction which is participating in the National Flood | 7 | | Insurance Program. A proclamation of disaster by the President | 8 | | of the United States or Governor of the State of Illinois is | 9 | | not a prerequisite to the classification of an occurrence as a | 10 | | natural disaster under this Section. | 11 | | (c) A
homestead exemption shall be granted by the chief | 12 | | county assessment officer for homestead properties containing | 13 | | a residential structure that has been
rebuilt following a | 14 | | natural disaster occurring in taxable year 2012 or any taxable | 15 | | year thereafter. The amount of the exemption is the equalized | 16 | | assessed value of the residence in the first taxable year for | 17 | | which the taxpayer applies for an exemption under this Section | 18 | | minus the base amount. To be eligible for an exemption
under | 19 | | this Section: (i) the residential structure must
be rebuilt | 20 | | within 2 years after the date of the natural disaster; and (ii) | 21 | | the square footage of the rebuilt residential structure may not | 22 | | be more than 110% of the square footage of the original | 23 | | residential structure as it existed immediately prior to the | 24 | | natural disaster. The taxpayer's initial application for an | 25 | | exemption under this Section must be made no later than the | 26 | | first taxable year after the residential structure is rebuilt. |
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| 1 | | The exemption shall continue at the same annual amount until | 2 | | the taxable year in which the property is sold or transferred. | 3 | | (d) To receive the exemption, the taxpayer shall submit an | 4 | | application to the chief county assessment officer of the | 5 | | county in which the property is located by July 1 of each | 6 | | taxable year. A county may, by resolution, establish a date for | 7 | | submission of applications that is different than July 1. The | 8 | | chief county assessment officer may require additional
| 9 | | documentation to be provided by the applicant. The applications | 10 | | shall be clearly marked as applications for the Natural | 11 | | Disaster Homestead Exemption. | 12 | | (e) Property is not eligible for an exemption under this | 13 | | Section , Section 15-173.5, and Section 15-180 for the same | 14 | | natural disaster or catastrophic event. The property may, | 15 | | however, remain eligible for an additional exemption under | 16 | | Section 15-180 for any separate event occurring after the | 17 | | property qualified for an exemption under this Section. | 18 | | (f) The exemption under this Section carries over to the | 19 | | benefit of the surviving spouse as long as the spouse holds the | 20 | | legal or beneficial title to the homestead and permanently | 21 | | resides thereon. | 22 | | (g) Notwithstanding Sections 6 and 8 of the State Mandates | 23 | | Act, no reimbursement by the State is required for the | 24 | | implementation of any mandate created by this Section.
| 25 | | (Source: P.A. 97-716, eff. 6-29-12.) |
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| 1 | | (35 ILCS 200/15-173.5 new) | 2 | | Sec. 15-173.5. Natural Disaster Home Repair Assistance | 3 | | Homestead Exemption. | 4 | | (a) This Section may be cited as the Natural Disaster Home | 5 | | Repair Assistance Homestead Exemption. | 6 | | (b) As used in this Section: | 7 | | "Chief county assessment officer" means the county | 8 | | assessor or supervisor of assessments of the county in which | 9 | | the property is located. | 10 | | "Homestead property" has the meaning given to that term in | 11 | | Section 15-175 of this Code. | 12 | | "Natural disaster" means an occurrence of widespread or | 13 | | severe damage or loss of property resulting from any | 14 | | catastrophic cause including, but not limited to, fire, flood, | 15 | | earthquake, wind, storm, or extended period of severe inclement | 16 | | weather. In the case of a residential structure affected by | 17 | | flooding, the structure shall not be eligible for this | 18 | | homestead exemption unless it is located within a local | 19 | | jurisdiction which is participating in the National Flood | 20 | | Insurance Program. A proclamation of disaster by the President | 21 | | of the United States or Governor of the State of Illinois is | 22 | | not a prerequisite to the classification of an occurrence as a | 23 | | natural disaster under this Section. | 24 | | (c) A homestead exemption, limited to a reduction from the | 25 | | property's equalized assessed value as set forth in subsection | 26 | | (e), shall be granted by the chief county assessment officer |
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| 1 | | for homestead property that meets the following criteria: | 2 | | (1) the property sustains damage as a result a natural | 3 | | disaster occurring in assessment year 2017 or any | 4 | | assessment year thereafter; and | 5 | | (2) the homeowner incurs costs to repair that damage | 6 | | during the assessment year for which the exemption is | 7 | | sought. | 8 | | (d) To be eligible for an exemption under this Section: | 9 | | (1) the property must be repaired within 3 years after | 10 | | the date of the natural disaster; and | 11 | | (2) the repairs must be made demonstrably as a result | 12 | | of the damage caused by the natural disaster to the | 13 | | property and shall not represent a homestead improvement, | 14 | | as provided under Section 15-180, of the original | 15 | | residential structure as it existed immediately prior to | 16 | | the natural disaster. | 17 | | (e) The amount of the reduction shall be the amount of the | 18 | | costs incurred by the homeowner, but in no event shall the | 19 | | amount of the exemption exceed $5,000 per year. | 20 | | (f) To receive the exemption, the taxpayer shall submit an | 21 | | application to the chief county assessment officer of the | 22 | | county in which the property is located by July 1 of each | 23 | | taxable year. A county may, by resolution, establish a date for | 24 | | submission of applications that is different than July 1. The | 25 | | chief county assessment officer may require additional | 26 | | documentation to be provided by the applicant in order to |
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| 1 | | establish the value of the exemption and reasonably ascertain | 2 | | that the exemption applied for under this Section is awarded | 3 | | for repairs made on a property as a result of the natural | 4 | | disaster. The applications shall be clearly marked as | 5 | | applications for the Natural Disaster Home Repair Assistance | 6 | | Homestead Exemption. | 7 | | (g) Property is not eligible for an exemption under this | 8 | | Section, Section 15-173, and Section 15-180 for the same | 9 | | natural disaster. The property may, however, remain eligible | 10 | | for an additional exemption under Section 15-173 or Section | 11 | | 15-180 for any separate event occurring after the property | 12 | | qualified for an exemption under this Section. | 13 | | (h) Notwithstanding Sections 6 and 8 of the State Mandates | 14 | | Act, no reimbursement by the State is required for the | 15 | | implementation of any mandate created by this Section.
| 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law.
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