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91_HB2690
LRB9103474PTmb
1 AN ACT concerning property taxes.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5 Section 15-175 as follows:
6 (35 ILCS 200/15-175)
7 Sec. 15-175. General homestead exemption. Homestead
8 property is entitled to an annual homestead exemption
9 limited, except as described here with relation to
10 cooperatives, to a reduction in the equalized assessed value
11 of homestead property equal to the increase in equalized
12 assessed value for the current assessment year above the
13 equalized assessed value of the property for 1977, up to the
14 maximum reduction set forth below. If however, the 1977
15 equalized assessed value upon which taxes were paid is
16 subsequently determined by local assessing officials, the
17 Property Tax Appeal Board, or a court to have been excessive,
18 the equalized assessed value which should have been placed on
19 the property for 1977 shall be used to determine the amount
20 of the exemption.
21 The maximum reduction shall be $4,500 in counties with
22 3,000,000 or more inhabitants and $3,500 in all other
23 counties.
24 In counties with fewer than 3,000,000 inhabitants, if,
25 based on the most recent assessment, the equalized assessed
26 value of the homestead property for the current assessment
27 year is greater than the equalized assessed value of the
28 property for 1977, the owner of the property shall
29 automatically receive the exemption granted under this
30 Section in an amount equal to the increase over the 1977
31 assessment up to the maximum reduction set forth in this
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1 Section.
2 "Homestead property" under this Section includes
3 residential property that is occupied by its owner or owners
4 as his or their principal dwelling place, or that is a
5 leasehold interest on which a single family residence is
6 situated, which is occupied as a residence by a person who
7 has an ownership interest therein, legal or equitable or as a
8 lessee, and on which the person is liable for the payment of
9 property taxes. For land improved with an apartment building
10 owned and operated as a cooperative or a building which is a
11 life care facility as defined in Section 15-170 and
12 considered to be a cooperative under Section 15-170, the
13 maximum reduction from the equalized assessed value shall be
14 limited to the increase in the value above the equalized
15 assessed value of the property for 1977, up to the maximum
16 reduction set forth above, multiplied by the number of
17 apartments or units occupied by a person or persons who is
18 liable, by contract with the owner or owners of record, for
19 paying property taxes on the property and is an owner of
20 record of a legal or equitable interest in the cooperative
21 apartment building, other than a leasehold interest. For
22 purposes of this Section, the term "life care facility" has
23 the meaning stated in Section 15-170.
24 In a cooperative where a homestead exemption has been
25 granted, the cooperative association or its management firm
26 shall credit the savings resulting from that exemption only
27 to the apportioned tax liability of the owner who qualified
28 for the exemption. Any person who willfully refuses to so
29 credit the savings shall be guilty of a Class B misdemeanor.
30 Where married persons maintain and reside in separate
31 residences qualifying as homestead property, each residence
32 shall receive 50% of the total reduction in equalized
33 assessed valuation provided by this Section.
34 Beginning in taxable year 1999, a first-time home buyer
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1 of qualifying homestead property receives an additional
2 homestead exemption of $1,000 if (i) the homebuyer's adjusted
3 gross income as reported for federal income tax purposes is
4 less than $100,000 and (ii) the homestead property's
5 equalized assessed value is less than $200,000.
6 In counties with more than 3,000,000 inhabitants, the
7 assessor or chief county assessment officer may determine the
8 eligibility of residential property to receive the homestead
9 exemption by application, visual inspection, questionnaire or
10 other reasonable methods. The determination shall be made in
11 accordance with guidelines established by the Department. In
12 counties with fewer than 3,000,000 inhabitants, in the event
13 of a sale of homestead property the homestead exemption shall
14 remain in effect for the remainder of the assessment year of
15 the sale. The assessor or chief county assessment officer
16 may require the new owner of the property to apply for the
17 homestead exemption for the following assessment year.
18 (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97;
19 90-655, eff. 7-30-98.)
20 Section 90. The State Mandates Act is amended by adding
21 Section 8.23 as follows:
22 (30 ILCS 805/8.23 new)
23 Sec. 8.23. Exempt mandate. Notwithstanding Sections 6
24 and 8 of this Act, no reimbursement by the State is required
25 for the implementation of any mandate created by this
26 amendatory Act of the 91st General Assembly.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.