[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_SB1396
LRB9108028SMdv
1 AN ACT concerning property taxes.
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 15-175 as follows:
6 (35 ILCS 200/15-175)
7 Sec. 15-175. General homestead exemption. Homestead
8 property is entitled to an annual homestead exemption
9 limited, except as described here with relation to
10 cooperatives, to a reduction in the equalized assessed value
11 of homestead property equal to the increase in equalized
12 assessed value for the current assessment year above the
13 equalized assessed value of the property for 1977, up to the
14 maximum reduction set forth below. If however, the 1977
15 equalized assessed value upon which taxes were paid is
16 subsequently determined by local assessing officials, the
17 Property Tax Appeal Board, or a court to have been excessive,
18 the equalized assessed value which should have been placed on
19 the property for 1977 shall be used to determine the amount
20 of the exemption.
21 The maximum reduction shall be $4,500, subject to
22 adjustment, in counties with 3,000,000 or more inhabitants
23 and $3,500, subject to adjustment, in all other counties. For
24 taxable year 1999 and each taxable year thereafter, the
25 maximum reduction shall be adjusted annually by the
26 Department of Revenue to reflect the increase in Consumer
27 Price Index-U during the calendar year preceding the taxable
28 year. "Consumer Price Index-U" means the index published by
29 the Bureau of Labor Statistics of the United States
30 Department of Labor that measures the average change in
31 prices of goods and services purchased by all urban
-2- LRB9108028SMdv
1 consumers, United States city average, all items,
2 1982-84 = 100. If Consumer Price Index-U ceases to be
3 reported, then the Department of Revenue shall designate a
4 comparable substitute index by rule.
5 In counties with fewer than 3,000,000 inhabitants, if,
6 based on the most recent assessment, the equalized assessed
7 value of the homestead property for the current assessment
8 year is greater than the equalized assessed value of the
9 property for 1977, the owner of the property shall
10 automatically receive the exemption granted under this
11 Section in an amount equal to the increase over the 1977
12 assessment up to the maximum reduction set forth in this
13 Section.
14 If in any assessment year beginning with the 2000
15 assessment year, homestead property has a pro-rata valuation
16 under Section 9-180 resulting in an increase in the assessed
17 valuation, a reduction in equalized assessed valuation equal
18 to the increase in equalized assessed value of the property
19 for the year of the pro-rata valuation above the equalized
20 assessed value of the property for 1977 shall be applied to
21 the property on a proportionate basis for the period the
22 property qualified as homestead property during the
23 assessment year. The maximum proportionate homestead
24 exemption shall not exceed the maximum homestead exemption
25 allowed in the county under this Section divided by 365 and
26 multiplied by the number of days the property qualified as
27 homestead property.
28 "Homestead property" under this Section includes
29 residential property that is occupied by its owner or owners
30 as his or their principal dwelling place, or that is a
31 leasehold interest on which a single family residence is
32 situated, which is occupied as a residence by a person who
33 has an ownership interest therein, legal or equitable or as a
34 lessee, and on which the person is liable for the payment of
-3- LRB9108028SMdv
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 In counties with more than 3,000,000 inhabitants, the
27 assessor or chief county assessment officer may determine the
28 eligibility of residential property to receive the homestead
29 exemption by application, visual inspection, questionnaire or
30 other reasonable methods. The determination shall be made in
31 accordance with guidelines established by the Department. In
32 counties with fewer than 3,000,000 inhabitants, in the event
33 of a sale of homestead property the homestead exemption shall
34 remain in effect for the remainder of the assessment year of
-4- LRB9108028SMdv
1 the sale. The assessor or chief county assessment officer
2 may require the new owner of the property to apply for the
3 homestead exemption for the following assessment year.
4 (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97;
5 90-655, eff. 7-30-98; 91-346, eff. 7-29-99.)
6 Section 10. The State Mandates Act is amended by adding
7 Section 8.24 as follows:
8 (30 ILCS 805/8.24 new)
9 Sec. 8.24. Exempt mandate. Notwithstanding Sections 6
10 and 8 of this Act, no reimbursement by the State is required
11 for the implementation of any mandate created by this
12 amendatory Act of the 91st General Assembly.
13 Section 99. Effective date. This Act takes effect upon
14 becoming law.