Public Act 096-1288
 
SB2350 EnrolledLRB096 11625 HLH 22159 b



    AN ACT concerning revenue.

 
    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 15-167 as follows:
 
    (35 ILCS 200/15-167)
    Sec. 15-167. Returning Veterans' Homestead Exemption.
    (a) Beginning with taxable year 2007, a homestead 
exemption, limited to a reduction set forth under subsection 
(b), from the property's value, as equalized or assessed by the 
Department, is granted for property that is owned and occupied 
as the principal residence of a veteran returning from an armed 
conflict involving the armed forces of the United States who is 
liable for paying real estate taxes on the property and is an 
owner of record of the property or has a legal or equitable 
interest therein as evidenced by a written instrument, except 
for a leasehold interest, other than a leasehold interest of 
land on which a single family residence is located, which is 
occupied as the principal residence of a veteran returning from 
an armed conflict involving the armed forces of the United 
States who has an ownership interest therein, legal, equitable 
or as a lessee, and on which he or she is liable for the payment 
of property taxes. For purposes of the exemption under this 
Section, "veteran" means an Illinois resident who has served as 
a member of the United States Armed Forces, a member of the 
Illinois National Guard, or a member of the United States 
Reserve Forces.
    (b) In all counties, the reduction is $5,000 and only for 
the taxable year in which the veteran returns from active duty 
in an armed conflict involving the armed forces of the United 
States; however, if the veteran first acquires his or her 
principal residence during the taxable year in which he or she 
returns, but after January 1 of that year, and if the property 
is owned and occupied by the veteran as a principal residence 
on January 1 of the next taxable year, he or she may apply the 
exemption for the next taxable year, and only the next taxable 
year, after he or she returns. For land improved with an 
apartment building owned and operated as a cooperative, the 
maximum reduction from the value of the property, as equalized 
by the Department, must be multiplied by the number of 
apartments or units occupied by a veteran returning from an 
armed conflict involving the armed forces of the United States 
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.  In a 
cooperative where a homestead exemption has been granted, the 
cooperative association or the management firm of the 
cooperative or facility shall credit the savings resulting from 
that exemption only to the apportioned tax liability of the 
owner or resident who qualified for the exemption. Any person 
who willfully refuses to so credit the savings is guilty of a 
Class B misdemeanor.
    (c) Application must be made during the application period 
in effect for the county of his or her residence. The assessor 
or chief county assessment officer may determine the 
eligibility of residential property to receive the homestead 
exemption provided by this Section by application, visual 
inspection, questionnaire, or other reasonable methods. The 
determination must be made in accordance with guidelines 
established by the Department.
    (d) The exemption under this Section is in addition to any 
other homestead exemption provided in this Article 15. 
Notwithstanding Sections 6 and 8 of the State Mandates Act, no 
reimbursement by the State is required for the implementation 
of any mandate created by this Section.

(Source: P.A. 95-644, eff. 10-12-07.)

 
    Section 99. Effective date. This Act takes effect upon 
becoming law.