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| Public Act 097-0716 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Property Tax Code is amended by adding | ||||
Section 15-173 as follows: | ||||
(35 ILCS 200/15-173 new) | ||||
Sec. 15-173. Natural Disaster Homestead Exemption. | ||||
(a) This Section may be cited as the Natural Disaster | ||||
Homestead Exemption. | ||||
(b) As used in this Section: | ||||
"Base amount" means the base year equalized assessed value | ||||
of the residence. | ||||
"Base year" means the taxable year prior to the taxable | ||||
year in which the natural disaster occurred. | ||||
"Chief county assessment officer" means the County | ||||
Assessor or Supervisor of
Assessments of the county in which | ||||
the property is located. | ||||
"Equalized assessed value" means the assessed value as | ||||
equalized by the
Illinois Department of Revenue. | ||||
"Homestead property" has the meaning ascribed to that term | ||||
in Section 15-175 of this Code. | ||||
"Natural disaster" means an occurrence of widespread or | ||||
severe damage or loss of property
resulting from any | ||||
catastrophic cause including but not limited to fire, flood, | ||
earthquake, wind, storm, or extended period of severe inclement | ||
weather. In the case of a residential
structure affected by | ||
flooding, the structure shall not be eligible for this
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homestead improvement exemption unless it is located within a | ||
local
jurisdiction which is participating in the National Flood | ||
Insurance Program. A proclamation of disaster by the President | ||
of the United States or Governor of the State of Illinois is | ||
not a prerequisite to the classification of an occurrence as a | ||
natural disaster under this Section. | ||
(c) A
homestead exemption shall be granted by the chief | ||
county assessment officer for homestead properties containing | ||
a residential structure that has been
rebuilt following a | ||
natural disaster occurring in taxable year 2012 or any taxable | ||
year thereafter. The amount of the exemption is the equalized | ||
assessed value of the residence in the first taxable year for | ||
which the taxpayer applies for an exemption under this Section | ||
minus the base amount. To be eligible for an exemption
under | ||
this Section: (i) the residential structure must
be rebuilt | ||
within 2 years after the date of the natural disaster; and (ii) | ||
the square footage of the rebuilt residential structure may not | ||
be more than 110% of the square footage of the original | ||
residential structure as it existed immediately prior to the | ||
natural disaster. The taxpayer's initial application for an | ||
exemption under this Section must be made no later than the | ||
first taxable year after the residential structure is rebuilt. | ||
The exemption shall continue at the same annual amount until | ||
the taxable year in which the property is sold or transferred. | ||
(d) To receive the exemption, the taxpayer shall submit an | ||
application to the chief county assessment officer of the | ||
county in which the property is located by July 1 of each | ||
taxable year. A county may, by resolution, establish a date for | ||
submission of applications that is different than July 1. The | ||
chief county assessment officer may require additional
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documentation to be provided by the applicant. The applications | ||
shall be clearly marked as applications for the Natural | ||
Disaster Homestead Exemption. | ||
(e) Property is not eligible for an exemption under this | ||
Section and Section 15-180 for the same natural disaster or | ||
catastrophic event. The property may, however, remain eligible | ||
for an additional exemption under Section 15-180 for any | ||
separate event occurring after the property qualified for an | ||
exemption under this Section. | ||
(f) The exemption under this Section carries over to the | ||
benefit of the surviving spouse as long as the spouse holds the | ||
legal or beneficial title to the homestead and permanently | ||
resides thereon. | ||
(g) 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. | ||
Section 90. The State Mandates Act is amended by adding | ||
Section 8.36 as follows: | ||
(30 ILCS 805/8.36 new) | ||
Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8 | ||
of this Act, no reimbursement by the State is required for the | ||
implementation of any mandate created by this amendatory Act of | ||
the 97th General Assembly.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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