Public Act 90-0368 of the 90th General Assembly
Public Act 90-0368
SB1075 Enrolled SDS/bill0030/dgp
AN ACT to amend the Property Tax Code by changing Section
15-175.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 15-175 as follows:
(35 ILCS 200/15-175)
Sec. 15-175. General homestead exemption. Homestead
property is entitled to an annual homestead exemption
limited, except as described here with relation to
cooperatives, to a reduction in the equalized assessed value
of homestead property equal to the increase in equalized
assessed value for the current assessment year above the
equalized assessed value of the property for 1977, up to the
maximum reduction set forth below. If however, the 1977
equalized assessed value upon which taxes were paid is
subsequently determined by local assessing officials, the
Property Tax Appeal Board, or a court to have been excessive,
the equalized assessed value which should have been placed on
the property for 1977 shall be used to determine the amount
of the exemption.
The maximum reduction shall be $4,500 in counties with
3,000,000 or more inhabitants and $3,500 in all other
counties.
In counties with fewer than 3,000,000 inhabitants, if,
based on the most recent assessment, the equalized assessed
value of the homestead property for the current assessment
year is greater than the equalized assessed value of the
property for 1977, the owner of the property shall
automatically receive the exemption granted under this
Section in an amount equal to the increase over the 1977
assessment up to the maximum reduction set forth in this
Section.
"Homestead property" under this Section includes
residential property that is occupied by its owner or owners
as his or their principal dwelling place, or that is a
leasehold interest on which a single family residence is
situated, which is occupied as a residence by a person who
has an ownership interest therein, legal or equitable or as a
lessee, and on which the person is liable for the payment of
property taxes. For land improved with an apartment building
owned and operated as a cooperative or a building which is a
life care facility as defined in Section 15-170 and
considered to be a cooperative under Section 15-170, the
maximum reduction from the equalized assessed value shall be
limited to the increase in the value above the equalized
assessed value of the property for 1977, up to the maximum
reduction set forth above, multiplied by the number of
apartments or units occupied by a person or persons who is
liable, by contract with the owner or owners of record, for
paying property taxes on the property and is an owner of
record of a legal or equitable interest in the cooperative
apartment building, other than a leasehold interest. For
purposes of this Section, the term "life care facility" has
the meaning stated in Section 15-170.
In a cooperative where a homestead exemption has been
granted, the cooperative association or its management firm
shall credit the savings resulting from that exemption only
to the apportioned tax liability of the owner who qualified
for the exemption. Any person who willfully refuses to so
credit the savings shall be guilty of a Class B misdemeanor.
Where married persons maintain and reside in separate
residences qualifying as homestead property, each residence
shall receive 50% of the total reduction in equalized
assessed valuation provided by this Section.
In counties with more than 3,000,000 inhabitants, the
The assessor, or chief county assessment officer may
determine the eligibility of residential property to receive
the homestead exemption by application, visual inspection,
questionnaire or other reasonable methods. The determination
shall be made in accordance with guidelines established by
the Department. In counties with less than 3,000,000
inhabitants, if an application is used to determine
eligibility, the application shall be mailed to any taxpayer
over 65 years of age who has once applied for and been
granted an exemption under this Section.
(Source: P.A. 87-894; 87-1189; 88-455.)