Sen. Don Harmon

Filed: 4/5/2018

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2305

2    AMENDMENT NO. ______. Amend Senate Bill 2305 on page 14,
3immediately below line 6, by inserting the following:
 
4    "Section 10. The Senior Citizens Real Estate Tax Deferral
5Act is amended by changing Section 2 as follows:
 
6    (320 ILCS 30/2)  (from Ch. 67 1/2, par. 452)
7    Sec. 2. Definitions. As used in this Act:
8    (a) "Taxpayer" means an individual whose household income
9for the year is no greater than: (i) $40,000 through tax year
102005; (ii) $50,000 for tax years 2006 through 2011; and (iii)
11$55,000 for tax years year 2012 through 2018; and (iv) $75,000
12for tax year 2019 and thereafter.
13    (b) "Tax deferred property" means the property upon which
14real estate taxes are deferred under this Act.
15    (c) "Homestead" means the land and buildings thereon,
16including a condominium or a dwelling unit in a multidwelling

 

 

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1building that is owned and operated as a cooperative, occupied
2by the taxpayer as his residence or which are temporarily
3unoccupied by the taxpayer because such taxpayer is temporarily
4residing, for not more than 1 year, in a licensed facility as
5defined in Section 1-113 of the Nursing Home Care Act.
6    (d) "Real estate taxes" or "taxes" means the taxes on real
7property for which the taxpayer would be liable under the
8Property Tax Code, including special service area taxes, and
9special assessments on benefited real property for which the
10taxpayer would be liable to a unit of local government.
11    (e) "Department" means the Department of Revenue.
12    (f) "Qualifying property" means a homestead which (a) the
13taxpayer or the taxpayer and his spouse own in fee simple or
14are purchasing in fee simple under a recorded instrument of
15sale, (b) is not income-producing property, (c) is not subject
16to a lien for unpaid real estate taxes when a claim under this
17Act is filed, and (d) is not held in trust, other than an
18Illinois land trust with the taxpayer identified as the sole
19beneficiary, if the taxpayer is filing for the program for the
20first time effective as of the January 1, 2011 assessment year
21or tax year 2012 and thereafter.
22    (g) "Equity interest" means the current assessed valuation
23of the qualified property times the fraction necessary to
24convert that figure to full market value minus any outstanding
25debts or liens on that property. In the case of qualifying
26property not having a separate assessed valuation, the

 

 

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1appraised value as determined by a qualified real estate
2appraiser shall be used instead of the current assessed
3valuation.
4    (h) "Household income" has the meaning ascribed to that
5term in the Senior Citizens and Persons with Disabilities
6Property Tax Relief Act.
7    (i) "Collector" means the county collector or, if the taxes
8to be deferred are special assessments, an official designated
9by a unit of local government to collect special assessments.
10(Source: P.A. 99-143, eff. 7-27-15.)".