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92_SB0022ham009
LRB9201505SMdvam03
1 AMENDMENT TO SENATE BILL 22
2 AMENDMENT NO. . Amend Senate Bill 22, AS AMENDED, by
3 replacing the title with the following:
4 "AN ACT concerning public institutions."; and
5 by replacing the introductory clause of Section 5 with the
6 following:
7 "Section 5. The Property Tax Code is amended by changing
8 Sections 15-175 and 18-185 and by adding Sections 18-190.5
9 and 18-201 as follows:
10 (35 ILCS 200/15-175)
11 Sec. 15-175. General homestead exemption. Homestead
12 property is entitled to an annual homestead exemption
13 limited, except as described here with relation to
14 cooperatives, to a reduction in the equalized assessed value
15 of homestead property equal to the increase in equalized
16 assessed value for the current assessment year above the
17 equalized assessed value of the property for 1977, up to the
18 maximum reduction set forth below. If however, the 1977
19 equalized assessed value upon which taxes were paid is
20 subsequently determined by local assessing officials, the
21 Property Tax Appeal Board, or a court to have been excessive,
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1 the equalized assessed value which should have been placed on
2 the property for 1977 shall be used to determine the amount
3 of the exemption.
4 The maximum reduction shall be $4,500 in counties with
5 3,000,000 or more inhabitants and $3,500 in all other
6 counties. In all other counties the maximum reduction shall
7 be $3,500 for taxable years 2001 and before and $4,500 for
8 taxable years 2002 and thereafter.
9 In counties with fewer than 3,000,000 inhabitants, if,
10 based on the most recent assessment, the equalized assessed
11 value of the homestead property for the current assessment
12 year is greater than the equalized assessed value of the
13 property for 1977, the owner of the property shall
14 automatically receive the exemption granted under this
15 Section in an amount equal to the increase over the 1977
16 assessment up to the maximum reduction set forth in this
17 Section.
18 If in any assessment year beginning with the 2000
19 assessment year, homestead property has a pro-rata valuation
20 under Section 9-180 resulting in an increase in the assessed
21 valuation, a reduction in equalized assessed valuation equal
22 to the increase in equalized assessed value of the property
23 for the year of the pro-rata valuation above the equalized
24 assessed value of the property for 1977 shall be applied to
25 the property on a proportionate basis for the period the
26 property qualified as homestead property during the
27 assessment year. The maximum proportionate homestead
28 exemption shall not exceed the maximum homestead exemption
29 allowed in the county under this Section divided by 365 and
30 multiplied by the number of days the property qualified as
31 homestead property.
32 "Homestead property" under this Section includes
33 residential property that is occupied by its owner or owners
34 as his or their principal dwelling place, or that is a
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1 leasehold interest on which a single family residence is
2 situated, which is occupied as a residence by a person who
3 has an ownership interest therein, legal or equitable or as a
4 lessee, and on which the person is liable for the payment of
5 property taxes. For land improved with an apartment building
6 owned and operated as a cooperative or a building which is a
7 life care facility as defined in Section 15-170 and
8 considered to be a cooperative under Section 15-170, the
9 maximum reduction from the equalized assessed value shall be
10 limited to the increase in the value above the equalized
11 assessed value of the property for 1977, up to the maximum
12 reduction set forth above, multiplied by the number of
13 apartments or units occupied by a person or persons who is
14 liable, by contract with the owner or owners of record, for
15 paying property taxes on the property and is an owner of
16 record of a legal or equitable interest in the cooperative
17 apartment building, other than a leasehold interest. For
18 purposes of this Section, the term "life care facility" has
19 the meaning stated in Section 15-170.
20 In a cooperative where a homestead exemption has been
21 granted, the cooperative association or its management firm
22 shall credit the savings resulting from that exemption only
23 to the apportioned tax liability of the owner who qualified
24 for the exemption. Any person who willfully refuses to so
25 credit the savings shall be guilty of a Class B misdemeanor.
26 Where married persons maintain and reside in separate
27 residences qualifying as homestead property, each residence
28 shall receive 50% of the total reduction in equalized
29 assessed valuation provided by this Section.
30 In counties with more than 3,000,000 inhabitants, the
31 assessor or chief county assessment officer may determine the
32 eligibility of residential property to receive the homestead
33 exemption by application, visual inspection, questionnaire or
34 other reasonable methods. The determination shall be made in
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1 accordance with guidelines established by the Department. In
2 counties with fewer than 3,000,000 inhabitants, in the event
3 of a sale of homestead property the homestead exemption shall
4 remain in effect for the remainder of the assessment year of
5 the sale. The assessor or chief county assessment officer
6 may require the new owner of the property to apply for the
7 homestead exemption for the following assessment year.
8 (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97;
9 90-655, eff. 7-30-98; 91-346, eff. 7-29-99.)".