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90_HB0020eng
35 ILCS 200/15-175
Amends the Property Tax Code. Provides that in counties
of fewer than 3,000,000 inhabitants, in the event of a sale
of homestead property the homestead exemption shall remain in
effect for the remainder of the assessment year of the sale.
Provides that the assessor or chief county assessment officer
may require the new owner of the homestead property to apply
for the homestead exemption for the following assessment
year. Effective immediately.
LRB9000065KRpk
HB0020 Engrossed LRB9000065KRpk
1 AN ACT to amend the Property Tax Code by changing Section
2 15-175.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 15-175 as follows:
7 (35 ILCS 200/15-175)
8 Sec. 15-175. General homestead exemption. Homestead
9 property is entitled to an annual homestead exemption
10 limited, except as described here with relation to
11 cooperatives, to a reduction in the equalized assessed value
12 of homestead property equal to the increase in equalized
13 assessed value for the current assessment year above the
14 equalized assessed value of the property for 1977, up to the
15 maximum reduction set forth below. If however, the 1977
16 equalized assessed value upon which taxes were paid is
17 subsequently determined by local assessing officials, the
18 Property Tax Appeal Board, or a court to have been excessive,
19 the equalized assessed value which should have been placed on
20 the property for 1977 shall be used to determine the amount
21 of the exemption.
22 The maximum reduction shall be $4,500 in counties with
23 3,000,000 or more inhabitants and $3,500 in all other
24 counties.
25 "Homestead property" under this Section includes
26 residential property that is occupied by its owner or owners
27 as his or their principal dwelling place, or that is a
28 leasehold interest on which a single family residence is
29 situated, which is occupied as a residence by a person who
30 has an ownership interest therein, legal or equitable or as a
31 lessee, and on which the person is liable for the payment of
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1 property taxes. For land improved with an apartment building
2 owned and operated as a cooperative or a building which is a
3 life care facility as defined in Section 15-170 and
4 considered to be a cooperative under Section 15-170, the
5 maximum reduction from the equalized assessed value shall be
6 limited to the increase in the value above the equalized
7 assessed value of the property for 1977, up to the maximum
8 reduction set forth above, multiplied by the number of
9 apartments or units occupied by a person or persons who is
10 liable, by contract with the owner or owners of record, for
11 paying property taxes on the property and is an owner of
12 record of a legal or equitable interest in the cooperative
13 apartment building, other than a leasehold interest. For
14 purposes of this Section, the term "life care facility" has
15 the meaning stated in Section 15-170.
16 In a cooperative where a homestead exemption has been
17 granted, the cooperative association or its management firm
18 shall credit the savings resulting from that exemption only
19 to the apportioned tax liability of the owner who qualified
20 for the exemption. Any person who willfully refuses to so
21 credit the savings shall be guilty of a Class B misdemeanor.
22 Where married persons maintain and reside in separate
23 residences qualifying as homestead property, each residence
24 shall receive 50% of the total reduction in equalized
25 assessed valuation provided by this Section.
26 The assessor, or chief county assessment officer may
27 determine the eligibility of residential property to receive
28 the homestead exemption by application, visual inspection,
29 questionnaire or other reasonable methods. The determination
30 shall be made in accordance with guidelines established by
31 the Department. In counties with less than 3,000,000
32 inhabitants, if an application is used to determine
33 eligibility, the application shall be mailed to any taxpayer
34 over 65 years of age who has once applied for and been
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1 granted an exemption under this Section. In counties with
2 fewer than 3,000,000 inhabitants, in the event of a sale of
3 homestead property the homestead exemption shall remain in
4 effect for the remainder of the assessment year of the sale.
5 The assessor or chief county assessment officer may require
6 the new owner of the property to apply for the homestead
7 exemption for the following assessment year.
8 (Source: P.A. 87-894; 87-1189; 88-455.)
9 Section 99. Effective date. This Act takes effect upon
10 becoming law.