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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
91_SB0034enr SB34 Enrolled LRB9101533PTpk 1 AN ACT to amend the Property Tax Code by changing Section 2 15-175. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Property Tax Code is amended by changing 6 Section 15-175 as follows: 7 (35 ILCS 200/15-175) 8 Sec. 15-175. General homestead exemption. Homestead 9 property is entitled to an annual homestead exemption 10 limited, except as described here with relation to 11 cooperatives, to a reduction in the equalized assessed value 12 of homestead property equal to the increase in equalized 13 assessed value for the current assessment year above the 14 equalized assessed value of the property for 1977, up to the 15 maximum reduction set forth below. If however, the 1977 16 equalized assessed value upon which taxes were paid is 17 subsequently determined by local assessing officials, the 18 Property Tax Appeal Board, or a court to have been excessive, 19 the equalized assessed value which should have been placed on 20 the property for 1977 shall be used to determine the amount 21 of the exemption. 22 The maximum reduction shall be $4,500 in counties with 23 3,000,000 or more inhabitants and $3,500 in all other 24 counties. 25 In counties with fewer than 3,000,000 inhabitants, if, 26 based on the most recent assessment, the equalized assessed 27 value of the homestead property for the current assessment 28 year is greater than the equalized assessed value of the 29 property for 1977, the owner of the property shall 30 automatically receive the exemption granted under this 31 Section in an amount equal to the increase over the 1977 SB34 Enrolled -2- LRB9101533PTpk 1 assessment up to the maximum reduction set forth in this 2 Section. 3 If in any assessment year beginning with the 2000 4 assessment year, homestead property has a pro-rata valuation 5 under Section 9-180 resulting in an increase in the assessed 6 valuation, a reduction in equalized assessed valuation equal 7 to the increase in equalized assessed value of the property 8 for the year of the pro-rata valuation above the equalized 9 assessed value of the property for 1977 shall be applied to 10 the property on a proportionate basis for the period the 11 property qualified as homestead property during the 12 assessment year. The maximum proportionate homestead 13 exemption shall not exceed the maximum homestead exemption 14 allowed in the county under this Section divided by 365 and 15 multiplied by the number of days the property qualified as 16 homestead property. 17 "Homestead property" under this Section includes 18 residential property that is occupied by its owner or owners 19 as his or their principal dwelling place, or that is a 20 leasehold interest on which a single family residence is 21 situated, which is occupied as a residence by a person who 22 has an ownership interest therein, legal or equitable or as a 23 lessee, and on which the person is liable for the payment of 24 property taxes. For land improved with an apartment building 25 owned and operated as a cooperative or a building which is a 26 life care facility as defined in Section 15-170 and 27 considered to be a cooperative under Section 15-170, the 28 maximum reduction from the equalized assessed value shall be 29 limited to the increase in the value above the equalized 30 assessed value of the property for 1977, up to the maximum 31 reduction set forth above, multiplied by the number of 32 apartments or units occupied by a person or persons who is 33 liable, by contract with the owner or owners of record, for 34 paying property taxes on the property and is an owner of SB34 Enrolled -3- LRB9101533PTpk 1 record of a legal or equitable interest in the cooperative 2 apartment building, other than a leasehold interest. For 3 purposes of this Section, the term "life care facility" has 4 the meaning stated in Section 15-170. 5 In a cooperative where a homestead exemption has been 6 granted, the cooperative association or its management firm 7 shall credit the savings resulting from that exemption only 8 to the apportioned tax liability of the owner who qualified 9 for the exemption. Any person who willfully refuses to so 10 credit the savings shall be guilty of a Class B misdemeanor. 11 Where married persons maintain and reside in separate 12 residences qualifying as homestead property, each residence 13 shall receive 50% of the total reduction in equalized 14 assessed valuation provided by this Section. 15 In counties with more than 3,000,000 inhabitants, the 16 assessor or chief county assessment officer may determine the 17 eligibility of residential property to receive the homestead 18 exemption by application, visual inspection, questionnaire or 19 other reasonable methods. The determination shall be made in 20 accordance with guidelines established by the Department. In 21 counties with fewer than 3,000,000 inhabitants, in the event 22 of a sale of homestead property the homestead exemption shall 23 remain in effect for the remainder of the assessment year of 24 the sale. The assessor or chief county assessment officer 25 may require the new owner of the property to apply for the 26 homestead exemption for the following assessment year. 27 (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97; 28 90-655, eff. 7-30-98.) 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.