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Public Act 92-0639
SB1606 Enrolled LRB9212712SMdv
AN ACT in relation to taxes.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Senior Citizens Real Estate Tax Deferral
Act is amended by changing Section 2 as follows:
(320 ILCS 30/2) (from Ch. 67 1/2, par. 452)
Sec. 2. Definitions. As used in this Act:
(a) "Taxpayer" means an individual whose household
income for the year is no greater than $40,000 $25,000.
(b) "Tax deferred property" means the property upon
which real estate taxes are deferred under this Act.
(c) "Homestead" means the land and buildings thereon,
including a condominium or a dwelling unit in a multidwelling
building that is owned and operated as a cooperative,
occupied by the taxpayer as his residence or which are
temporarily unoccupied by the taxpayer because such taxpayer
is temporarily residing, for not more than 1 year, in a
licensed facility as defined in Section 1-113 of the Nursing
Home Care Act.
(d) "Real estate taxes" or "taxes" means the taxes on
real property for which the taxpayer would be liable under
the Property Tax Code, including special service area taxes,
and special assessments on benefited real property for which
the taxpayer would be liable to a unit of local government.
(e) "Department" means the Department of Revenue.
(f) "Qualifying property" means a homestead which (a)
the taxpayer or the taxpayer and his spouse own in fee simple
or are purchasing in fee simple under a recorded instrument
of sale, (b) is not income-producing property, (c) is not
subject to a lien for unpaid real estate taxes when a claim
under this Act is filed.
(g) "Equity interest" means the current assessed
valuation of the qualified property times the fraction
necessary to convert that figure to full market value minus
any outstanding debts or liens on that property. In the case
of qualifying property not having a separate assessed
valuation, the appraised value as determined by a qualified
real estate appraiser shall be used instead of the current
assessed valuation.
(h) "Household income" has the meaning ascribed to that
term in the Senior Citizens and Disabled Persons Property Tax
Relief and Pharmaceutical Assistance Act.
(i) "Collector" means the county collector or, if the
taxes to be deferred are special assessments, an official
designated by a unit of local government to collect special
assessments.
(Source: P.A. 88-268; 88-509; 88-670, eff. 12-2-94.)
Section 99. Effective date. This Act takes effect on
January 1, 2003.
Passed in the General Assembly April 24, 2002.
Approved July 11, 2002.
Effective January 01, 2003.
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