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| [ Introduced ] | [ Senate Amendment 001 ] |
92_SB0173eng SB173 Engrossed LRB9203289SMdv 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 adding 5 Section 10-355 as follows: 6 (35 ILCS 200/10-355 new) 7 Sec. 10-355. Fraternal organization assessment freeze. 8 (a) For the taxable year 2002 and thereafter, the 9 assessed value of real property owned and used by a fraternal 10 organization, or its subordinate organization or entity, that 11 was chartered in Illinois in July of 1896 and is an exempt 12 entity under Section 501(c)(8) of the Internal Revenue Code 13 shall be established by the chief county assessment officer 14 as follows: 15 (1) if the property meets the qualifications set 16 forth in this Section on January 1, 2002 and on January 1 17 of each subsequent assessment year, for assessment year 18 2002 and each subsequent assessment year, the final 19 assessed value of the property shall be 15% of the final 20 assessed value of the property for the assessment year 21 2001; or 22 (2) if the property first meets the qualifications 23 set forth in this Section on January 1 of any assessment 24 year after assessment year 2002 and on January 1 of each 25 subsequent assessment year, for that first assessment 26 year and each subsequent assessment year, the final 27 assessed value shall be 15% of the final assessed value 28 of the property for the assessment year in which the 29 property first meets the qualifications set forth in this 30 Section. 31 If, in any year, additions or improvements are made to SB173 Engrossed -2- LRB9203289SMdv 1 property subject to assessment under this Section and the 2 additions or improvements would increase the assessed value 3 of the property, then 15% of the final assessed value of the 4 additions or improvements shall be added to the final 5 assessed value of the property for the year in which the 6 additions or improvements are completed and for all 7 subsequent years that the property is eligible for assessment 8 under this Section. 9 (b) For purposes of this Section, "final assessed value" 10 means the assessed value after final board of review action. 11 (c) Fraternal organizations whose property is assessed 12 under this Section must annually submit an application to the 13 chief county assessment officer on or before (i) January 31 14 of the assessment year in counties with a population of 15 3,000,000 or more and (ii) December 31 of the assessment year 16 in all other counties. The initial application must contain 17 the information required by the Department of Revenue, which 18 shall prepare the form, including: 19 (1) a copy of the organization's charter from the 20 State of Illinois, if applicable; 21 (2) the location or legal description of the 22 property on which is located the principal building for 23 the organization, including the PIN number, if available; 24 (3) a written instrument evidencing that the 25 organization is the record owner or has a legal or 26 equitable interest in the property; 27 (4) an affidavit that the organization is liable 28 for paying the real property taxes on the property; and 29 (5) the signature of the organization's chief 30 presiding officer. 31 Subsequent applications shall include any changes in the 32 initial application and shall affirm the ownership, use, and 33 liability for taxes for the year in which it is submitted. 34 All applications shall be notarized. SB173 Engrossed -3- LRB9203289SMdv 1 (d) This Section does not apply to parcels exempt from 2 property taxes under this Code. 3 Section 10. The State Mandates Act is amended by adding 4 Section 8.25 as follows: 5 (30 ILCS 805/8.25 new) 6 Sec. 8.25. Exempt mandate. Notwithstanding Sections 6 7 and 8 of this Act, no reimbursement by the State is required 8 for the implementation of any mandate created by this 9 amendatory Act of the 92nd General Assembly. 10 Section 99. Effective Date. This Act takes effect on 11 January 1, 2002.