Illinois General Assembly - Bill Status for HB3553

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Bill Status of HB3553 97th General Assembly

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Short Description: PROP TX-HOMESTEAD EXEMPTIONS

House Sponsors
Rep. David Harris - Chris Nybo - Renée Kosel - Thomas Morrison - Sidney H. Mathias and Elaine Nekritz

Last Action

Date	Chamber	Action
1/8/2013	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 200/15-176

35 ILCS 200/15-177

Synopsis As Introduced
Amends the Property Tax Code. Provides that the alternative general homestead exemption applies on a permanent basis and increases the maximum amount of the exemption to $40,000 beginning in taxable year 2011. Removes an income limitation from the long-time occupant homestead exemption. Provides that, beginning in taxable year 2011, for the purpose of calculating the long-time occupant homestead exemption, "adjusted homestead value" is the lesser of (i) the property's base homestead value increased by 7% for each taxable year after the base year through and including the current tax year or (ii) the property's equalized assessed value for the current tax year minus the general homestead deduction. Effective immediately.

Actions

Date	Chamber	Action
2/24/2011	House	Filed with the Clerk by Rep. David Harris
2/24/2011	House	Chief Co-Sponsor Rep. Chris Nybo
2/24/2011	House	Chief Co-Sponsor Rep. Renée Kosel
2/24/2011	House	Chief Co-Sponsor Rep. Thomas Morrison
2/24/2011	House	First Reading
2/24/2011	House	Referred to Rules Committee
3/3/2011	House	Assigned to Revenue & Finance Committee
3/3/2011	House	Added Chief Co-Sponsor Rep. Sidney H. Mathias
3/17/2011	House	Added Co-Sponsor Rep. Elaine Nekritz
3/17/2011	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2013	House	Session Sine Die

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