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91_SB1525
LRB9112458SMdv
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 all counties
23 with 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
-2- LRB9112458SMdv
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
-3- LRB9112458SMdv
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; 91-346, eff. 7-29-99.)