99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4291
 
Introduced , by Rep. Jack D. Franks
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/15-178 new

     Amends the Property Tax Code.  Provides that, if the cumulative amount paid in property taxes by a particular taxpayer for a particular parcel of homestead property equals or exceeds the selling price of that homestead property at the time the property was sold, transferred, or conveyed to the taxpayer, then that property is exempt from taxation until such time as the property is sold, transferred, or conveyed to another taxpayer.  Effective immediately.
  


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB4291LRB099 14053 HLH 38077 b


  
1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Property Tax Code is amended  by adding 
5Section 15-178 as follows:
 
6    (35 ILCS 200/15-178 new)
7    Sec. 15-178. Selling price homestead exemption.
8    (a)  Notwithstanding any other provision of law, if, on 
9January 1 of any taxable year, the cumulative amount of 
10property taxes paid by a particular taxpayer for a particular 
11parcel of homestead property in all previous taxable years 
12equals or exceeds the selling price of that homestead property 
13at the time the property was sold, transferred, or conveyed to 
14the taxpayer, then that property is exempt from taxation until 
15such time as the property is sold, transferred, or conveyed to 
16another taxpayer. 
17    (b)  To receive the homestead exemption under this Section, 
18a person must submit an application to the county assessor 
19during the period specified by the county assessor. The 
20assessor or chief county assessment officer may determine the 
21eligibility of residential property to receive the homestead 
22exemption provided by this Section by application, visual 
23inspection, questionnaire, or other reasonable methods. The 
 
 
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1determination must be made in accordance with guidelines 
2established by the Department. 
3    (c)  For the purposes of this Section:
4    "Homestead property" has the same meaning given to that 
5term in Section 15-175. 
6    "Selling price" means the consideration for a sale valued 
7in money
whether received in money or otherwise, including 
8cash, credits, property, and services. 
 
 
9    Section 99. Effective date. This Act takes effect upon 
10becoming law.