[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_HB3631
LRB9209136SMdv
1 AN ACT concerning taxation.
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. In all other counties the maximum reduction shall
24 be $3,500 for taxable years 2002 and before and $4,500 for
25 taxable years 2003 and thereafter.
26 In counties with fewer than 3,000,000 inhabitants, if,
27 based on the most recent assessment, the equalized assessed
28 value of the homestead property for the current assessment
29 year is greater than the equalized assessed value of the
30 property for 1977, the owner of the property shall
31 automatically receive the exemption granted under this
-2- LRB9209136SMdv
1 Section in an amount equal to the increase over the 1977
2 assessment up to the maximum reduction set forth in this
3 Section.
4 If in any assessment year beginning with the 2000
5 assessment year, homestead property has a pro-rata valuation
6 under Section 9-180 resulting in an increase in the assessed
7 valuation, a reduction in equalized assessed valuation equal
8 to the increase in equalized assessed value of the property
9 for the year of the pro-rata valuation above the equalized
10 assessed value of the property for 1977 shall be applied to
11 the property on a proportionate basis for the period the
12 property qualified as homestead property during the
13 assessment year. The maximum proportionate homestead
14 exemption shall not exceed the maximum homestead exemption
15 allowed in the county under this Section divided by 365 and
16 multiplied by the number of days the property qualified as
17 homestead property.
18 "Homestead property" under this Section includes
19 residential property that is occupied by its owner or owners
20 as his or their principal dwelling place, or that is a
21 leasehold interest on which a single family residence is
22 situated, which is occupied as a residence by a person who
23 has an ownership interest therein, legal or equitable or as a
24 lessee, and on which the person is liable for the payment of
25 property taxes. For land improved with an apartment building
26 owned and operated as a cooperative or a building which is a
27 life care facility as defined in Section 15-170 and
28 considered to be a cooperative under Section 15-170, the
29 maximum reduction from the equalized assessed value shall be
30 limited to the increase in the value above the equalized
31 assessed value of the property for 1977, up to the maximum
32 reduction set forth above, multiplied by the number of
33 apartments or units occupied by a person or persons who is
34 liable, by contract with the owner or owners of record, for
-3- LRB9209136SMdv
1 paying property taxes on the property and is an owner of
2 record of a legal or equitable interest in the cooperative
3 apartment building, other than a leasehold interest. For
4 purposes of this Section, the term "life care facility" has
5 the meaning stated in Section 15-170.
6 In a cooperative where a homestead exemption has been
7 granted, the cooperative association or its management firm
8 shall credit the savings resulting from that exemption only
9 to the apportioned tax liability of the owner who qualified
10 for the exemption. Any person who willfully refuses to so
11 credit the savings shall be guilty of a Class B misdemeanor.
12 Where married persons maintain and reside in separate
13 residences qualifying as homestead property, each residence
14 shall receive 50% of the total reduction in equalized
15 assessed valuation provided by this Section.
16 In counties with more than 3,000,000 inhabitants, the
17 assessor or chief county assessment officer may determine the
18 eligibility of residential property to receive the homestead
19 exemption by application, visual inspection, questionnaire or
20 other reasonable methods. The determination shall be made in
21 accordance with guidelines established by the Department. In
22 counties with fewer than 3,000,000 inhabitants, in the event
23 of a sale of homestead property the homestead exemption shall
24 remain in effect for the remainder of the assessment year of
25 the sale. The assessor or chief county assessment officer
26 may require the new owner of the property to apply for the
27 homestead exemption for the following assessment year.
28 (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97;
29 90-655, eff. 7-30-98; 91-346, eff. 7-29-99.)
30 Section 99. Effective date. This Act takes effect upon
31 becoming law.