State of Illinois
92nd General Assembly

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 1        AN ACT in relation to taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Senior Citizens Real Estate Tax  Deferral
 5    Act is amended by changing Section 2 as follows:

 6        (320 ILCS 30/2) (from Ch. 67 1/2, par. 452)
 7        Sec. 2. Definitions. As used in this Act:
 8        (a)  "Taxpayer"   means  an  individual  whose  household
 9    income for the year is no greater than $40,000 $25,000.
10        (b)  "Tax deferred  property"  means  the  property  upon
11    which real estate taxes are deferred under this Act.
12        (c)  "Homestead"  means  the  land and buildings thereon,
13    including a condominium or a dwelling unit in a multidwelling
14    building  that  is  owned  and  operated  as  a  cooperative,
15    occupied by the  taxpayer  as  his  residence  or  which  are
16    temporarily  unoccupied by the taxpayer because such taxpayer
17    is temporarily residing, for not  more  than  1  year,  in  a
18    licensed  facility as defined in Section 1-113 of the Nursing
19    Home Care Act.
20        (d)  "Real estate taxes" or "taxes" means  the  taxes  on
21    real  property  for  which the taxpayer would be liable under
22    the Property Tax Code, including special service area  taxes,
23    and  special assessments on benefited real property for which
24    the taxpayer would be liable to a unit of local government.
25        (e)  "Department" means the Department of Revenue.
26        (f)  "Qualifying property" means a  homestead  which  (a)
27    the taxpayer or the taxpayer and his spouse own in fee simple
28    or  are  purchasing in fee simple under a recorded instrument
29    of sale, (b) is not income-producing  property,  (c)  is  not
30    subject  to  a lien for unpaid real estate taxes when a claim
31    under this Act is filed.
                            -2-                LRB9212712SMdv
 1        (g)  "Equity  interest"  means   the   current   assessed
 2    valuation  of  the  qualified  property  times  the  fraction
 3    necessary  to  convert that figure to full market value minus
 4    any outstanding debts or liens on that property.  In the case
 5    of  qualifying  property  not  having  a  separate   assessed
 6    valuation,  the  appraised value as determined by a qualified
 7    real estate appraiser shall be used instead  of  the  current
 8    assessed valuation.
 9        (h)  "Household  income" has the meaning ascribed to that
10    term in the Senior Citizens and Disabled Persons Property Tax
11    Relief and Pharmaceutical Assistance Act.
12        (i)  "Collector" means the county collector  or,  if  the
13    taxes  to  be  deferred  are special assessments, an official
14    designated by a unit of local government to  collect  special
15    assessments.
16    (Source: P.A. 88-268; 88-509; 88-670, eff. 12-2-94.)

17        Section  99.   Effective  date.  This Act takes effect on
18    January 1, 2003.

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