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09600SB0455sam001 |
- 2 - |
LRB096 06522 HLH 38781 a |
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| difference between (i) the equalized assessed value for the |
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| current year minus the base year homeowner exemption value |
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| and (ii) the adjusted homestead value. |
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| (2) "Adjusted homestead value". In counties with |
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| 3,000,000 or more inhabitants, "adjusted homestead value" |
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| means: |
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| (A) In the general reassessment year, the lesser of |
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| the following values: |
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| (i) the property's base homestead value |
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| multiplied by the tax code EAV change multiplied by |
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| 1.05; or |
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| (ii) the property's equalized assessed value |
13 |
| for the current tax year minus the base year |
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| homeowner exemption value. |
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| (B) In the first year after general reassessment |
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| year, the lesser of the following values: |
17 |
| (i) the property's base homestead value |
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| multiplied by the tax code EAV change multiplied by |
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| 1.075; or |
20 |
| (ii) the property's equalized assessed value |
21 |
| for the current tax year minus the base year |
22 |
| homeowner exemption value. |
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| (C) In the second year after general reassessment |
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| year, the lesser of the following values: |
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| (i) the property's base homestead value |
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| multiplied by the tax code EAV change multiplied by |
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09600SB0455sam001 |
- 3 - |
LRB096 06522 HLH 38781 a |
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|
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| 1.10; or |
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| (ii) the property's equalized assessed value |
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| for the current tax year minus the base year |
4 |
| homeowner exemption value. |
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| In counties with less than 3,000,000 inhabitants, |
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| "adjusted homestead value" means: |
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| (A) In the general reassessment year, the lesser of |
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| the following values: |
9 |
| (i) the property's base homestead value |
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| multiplied by the tax code EAV change multiplied by |
11 |
| 1.05; or |
12 |
| (ii) the property's equalized assessed value |
13 |
| for the current tax year minus the base year |
14 |
| homeowner exemption value. |
15 |
| (B) In the first year after general reassessment |
16 |
| year, the lesser of the following values: |
17 |
| (i) the property's base homestead value |
18 |
| multiplied by the tax code EAV change multiplied by |
19 |
| 1.075; or |
20 |
| (ii) the property's equalized assessed value |
21 |
| for the current tax year minus the base year |
22 |
| homeowner exemption value. |
23 |
| (C) In the second year after general reassessment |
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| year, the lesser of the following values: |
25 |
| (i) the property's base homestead value |
26 |
| multiplied by the tax code EAV change multiplied by |
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09600SB0455sam001 |
- 4 - |
LRB096 06522 HLH 38781 a |
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|
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| 1.10; or |
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| (ii) the property's equalized assessed value |
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| for the current tax year minus the base year |
4 |
| homeowner exemption value. |
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| (D) In the third year after general reassessment |
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| year, the lesser of the following values: |
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| (i) the property's base homestead value |
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| multiplied by the tax code EAV change multiplied by |
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| 1.125; or |
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| (ii) the property's equalized assessed value |
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| for the current tax year minus the base year |
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| homeowner exemption value. |
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| (3) "Base year". In counties with 3,000,000 or more |
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| inhabitants, "base year" means: |
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| (A) Tax year 2008 if the general assessment year |
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| for the property is 2009. In subsequent general |
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| reassessment years, the "base year" shall be the year |
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| prior to the general reassessment year. |
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| (B) Tax year 2009 if the general assessment year |
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| for the property is 2010. In subsequent general |
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| reassessment years, the "base year" shall be the year |
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| prior to the general reassessment year. |
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| (C) Tax year 2010 if the general assessment year |
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| for the property is 2011. In subsequent general |
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| reassessment years, the "base year" shall be the year |
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| prior to the general reassessment year. |
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09600SB0455sam001 |
- 5 - |
LRB096 06522 HLH 38781 a |
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| In counties with less than 3,000,000 inhabitants, |
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| "base year" means the year prior to the general assessment |
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| year. |
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| (4) "Base year composite tax rate" means the combined |
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| tax rate for all taxing districts serving the property's |
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| tax code in the base year. If in the current year the tax |
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| rate for a particular district within the tax code is 0%, |
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| the base year composite tax rate shall be reduced by the |
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| base year taxing district rate for that district. |
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| (5) "Base homestead value" means the assessed value of |
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| the property for the base year as equalized by the |
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| Department, less the base year homeowner exemption value, |
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| provided that the property was assessed in the base year as |
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| residential property qualified for any of the homestead |
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| exemptions under Sections 15-170 through 15-175 of this |
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| Code, then in force, and further provided that the |
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| property's assessment was not based on a reduced assessed |
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| value resulting from a temporary irregularity in the |
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| property for that year. |
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| (6) "Base year homeowner exemption value". In counties |
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| with more than 3,000,000 inhabitants, "base year homeowner |
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| exemption value" means the sum of the value of the |
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| homeowner exemption in effect in the base year, plus the |
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| value of any additional homeowner exemption in effect in |
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| the base year, with the following limitations: |
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| (A) In the first year after the initial base year, |
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09600SB0455sam001 |
- 6 - |
LRB096 06522 HLH 38781 a |
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| after the additional homeowner exemption value for the |
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| current tax year is calculated, the base year homeowner |
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| exemption value, if greater than $18,000, shall be |
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| reduced to $18,000. |
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| (B) In the second year after the initial base year, |
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| after the additional homeowner exemption value for the |
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| current tax year is calculated, the base year homeowner |
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| exemption value, if greater than $16,000, shall be |
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| reduced to $16,000. |
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| (C) In the third year after the initial base year, |
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| after the additional homeowner exemption value for the |
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| current tax year is calculated, the base year homeowner |
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| exemption value, if greater than $14,000, shall be |
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| reduced to $14,000. |
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| (D) In the fourth year after the initial base year, |
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| after the additional homeowner exemption value for the |
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| current tax year is calculated, the base year homeowner |
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| exemption value, if greater than $12,000, shall be |
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| reduced to $12,000 plus the value of any additional |
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| homeowner exemption value in effect in the second base |
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| year. |
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| (E) In the fifth year after the initial base year, |
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| after the additional homeowner exemption value for the |
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| current tax year is calculated, the base year homeowner |
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| exemption value, if greater than $10,000, shall be |
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| reduced to $10,000 plus the value of any additional |
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09600SB0455sam001 |
- 7 - |
LRB096 06522 HLH 38781 a |
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| homeowner exemption value in effect in the second base |
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| year. |
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| (F) In the sixth year after the initial base year, |
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| after the additional homeowner exemption value for the |
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| current tax year is calculated, the base year homeowner |
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| exemption value, if greater than $8,000, shall be |
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| reduced to $8,000 plus the value of any additional |
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| homeowner exemption value in effect in the second base |
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| year. |
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| (G) In the seventh year after the initial base |
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| year, after the additional homeowner exemption value |
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| for the current tax year is calculated, the base year |
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| homeowner exemption value, if between $6,000 and |
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| $8,000, shall be reduced to $6,000 plus the value of |
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| any additional homeowner exemption value in effect in |
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| the third base year. |
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| In counties with less than 3,000,000 inhabitants, |
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| "base year homeowner exemption value" means the value of |
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| the homeowner exemption in the base year plus the value of |
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| any additional homeowner exemption in effect in the base |
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| year. |
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| (7) "Current tax year" means the tax year for which the |
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| exemption under this Section is being applied. |
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| (8) "Equalized assessed value" means the property's |
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| assessed value as equalized by the Department. |
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| (9) "Homestead" or "homestead property" means: |
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09600SB0455sam001 |
- 8 - |
LRB096 06522 HLH 38781 a |
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| (A) residential property that as of January 1 of |
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| the current tax year is occupied by its owner or owners |
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| as his, her, or their principal dwelling place, or that |
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| is a leasehold interest on which a single family |
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| residence is situated, that is occupied as a residence |
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| by a person who has a legal or equitable interest |
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| therein evidenced by a written instrument, as an owner |
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| or as a lessee, and on which the person is liable for |
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| the payment of property taxes. Residential units in an |
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| apartment building owned and operated as a |
11 |
| cooperative, or as a life care facility, which are |
12 |
| occupied by persons who hold a legal or equitable |
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| interest in the cooperative apartment building or life |
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| care facility as owners or lessees, and who are liable |
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| by contract for the payment of property taxes, shall be |
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| included within this definition of homestead property; |
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| and |
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| (B) the dwelling place, appurtenant structures, |
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| and so much of the surrounding land constituting the |
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| parcel on which the dwelling place is situated as is |
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| used for residential purposes; if the assessor has |
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| established a specific legal description for a portion |
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| of property constituting the homestead, then the |
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| homestead shall be limited to the property within that |
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| description. |
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| (10) "Initial base year". In counties with 3,000,000 or |
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09600SB0455sam001 |
- 9 - |
LRB096 06522 HLH 38781 a |
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| more inhabitants, the "initial base year" means: |
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| (A) Tax year 2008 if the general assessment year |
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| for the property is 2009. |
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| (B) Tax year 2009 if the general assessment year |
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| for the property is 2010. |
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| (C) Tax year 2010 if the general assessment year |
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| for the property is 2011. |
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| In all other counties, the initial base year shall be |
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| 2009, or 2010, as determined pursuant to subsection (h). |
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| (11) "Life care facility" means a facility as defined |
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| in Section 2 of the Life Care Facilities Act. |
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| (12) "Second base year". In counties with 3,000,000 or |
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| more inhabitants, the "second base year" means: |
14 |
| (A) Tax year 2011 if the general assessment year |
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| for the property is 2012. |
16 |
| (B) Tax year 2012 if the general assessment year |
17 |
| for the property is 2013. |
18 |
| (C) Tax year 2013 if the general assessment year |
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| for the property is 2014. |
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| (13) "Tax code" means a geographical area in which an |
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| identical set of taxing districts have jurisdiction. |
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| (14) "Tax code EAV change" means a percentage |
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| calculated by dividing the base year composite tax rate by |
24 |
| the sum of the taxing district EAV change for all taxing |
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| districts in the property's tax code. |
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| (15) "Taxing district EAV" means the combined assessed |
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09600SB0455sam001 |
- 10 - |
LRB096 06522 HLH 38781 a |
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|
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| value of all properties in the taxing district, as |
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| equalized by the Department, less the value of all |
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| exemptions in the taxing district less the value of all TIF |
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| increment in the district. |
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| (16) "Taxing district EAV change" means a number |
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| calculated for a taxing district by first dividing the base |
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| year taxing district EAV by the tentative current year |
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| taxing district EAV, and multiplying the result by the |
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| taxing district rate for the base year. |
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| (17) "Taxing district rate" means the tax rate for the |
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| taxing district. |
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| (18) "Tentative current year taxing district EAV" |
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| means the taxing district EAV for the current year without |
14 |
| taking account of the aggregate value of the additional |
15 |
| homeowner exemptions in the taxing district. |
16 |
| (19) "Third base year" In counties with 3,000,000 or |
17 |
| more inhabitants, the "third base year" means: |
18 |
| (A) Tax year 2014 if the general assessment year |
19 |
| for the property is 2015. |
20 |
| (B) Tax year 2015 if the general assessment year |
21 |
| for the property is 2016. |
22 |
| (C) Tax year 2016 if the general assessment year |
23 |
| for the property is 2017. |
24 |
| (c) For any year in which the assessed value of a homestead |
25 |
| increases because of the construction of new buildings, |
26 |
| structures, or other significant improvements, and for any year |
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09600SB0455sam001 |
- 11 - |
LRB096 06522 HLH 38781 a |
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|
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| in which the assessed value of a homestead increases because of |
2 |
| the expiration of the home improvement exemption, the |
3 |
| additional homeowner exemption shall be reduced to zero, and |
4 |
| shall remain at that level until the next general reassessment. |
5 |
| (d) The exemption granted under this Section is the sum of |
6 |
| the base year homeowner exemption plus the additional homeowner |
7 |
| exemption, with the following exceptions: |
8 |
| (1) The additional homeowner exemption cannot exceed |
9 |
| the difference between (i) the property's base homestead |
10 |
| value multiplied by the tax code EAV change multiplied by |
11 |
| 1.40 and (ii) the property's adjusted homestead value. |
12 |
| (2) In the case of homestead property that also |
13 |
| qualifies for the exemption under Section 15-172 or Section |
14 |
| 15-177, the property is entitled to the exemption under |
15 |
| this Section, limited to $6,000 in all counties. |
16 |
| (e) In the case of an apartment building owned and operated |
17 |
| as a cooperative, or as a life care facility, that contains |
18 |
| residential units that qualify as homestead property under this |
19 |
| Section, the maximum cumulative exemption amount attributed to |
20 |
| the entire building or facility shall not exceed the sum of the |
21 |
| exemptions calculated for each qualified residential unit. The |
22 |
| cooperative association, management firm, or other person or |
23 |
| entity that manages or controls the cooperative apartment |
24 |
| building or life care facility shall credit the exemption |
25 |
| attributable to each residential unit only to the apportioned |
26 |
| tax liability of the owner or other person responsible for |
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09600SB0455sam001 |
- 12 - |
LRB096 06522 HLH 38781 a |
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|
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| payment of taxes as to that unit. Any person who willfully |
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| refuses to so credit the exemption is guilty of a Class B |
3 |
| misdemeanor. |
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| (f) When married persons maintain separate residences, the |
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| exemption provided under this Section shall be claimed by only |
6 |
| one such person and for only one residence. |
7 |
| (g) The assessor may determine whether property qualifies |
8 |
| as a homestead under this Section by application, visual |
9 |
| inspection, questionnaire, or other reasonable methods. Each |
10 |
| year, at the time the assessment books are certified to the |
11 |
| county clerk by the board of review, the assessor shall furnish |
12 |
| to the county clerk a list of the properties qualified for the |
13 |
| homestead exemption under this Section. The list shall note the |
14 |
| base homestead value of each property to be used in the |
15 |
| calculation of the exemption for the current tax year. |
16 |
| (h) To be subject to the provisions of this Section in lieu |
17 |
| of Section 15-175, a county must adopt an ordinance to subject |
18 |
| itself to the provisions of this Section within 6 months after |
19 |
| the effective date of this amendatory Act of the 96th General |
20 |
| Assembly. In a county other than Cook County, the ordinance |
21 |
| must designate either tax year 2009 or tax year 2010 as the |
22 |
| initial base year. |
23 |
| (i) Notwithstanding Sections 6 and 8 of the State Mandates |
24 |
| Act, no reimbursement by the State is required for the |
25 |
| implementation of any mandate created by this Section.
|