[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ House Amendment 001 ] |
90_SB0937eng
35 ILCS 200/15-175
Amends the Property Tax Code. Provides that a homestead
exemption shall be granted that is limited to a reduction in
the equalized assessed value of homestead property equal to
$4,500 in counties with 3,000,000 or more inhabitants and
$3,500 in all other counties. Provides that this exemption
shall not reduce the value of homestead property to less than
50% of its current equalized assessed value. Deletes
language basing the exemption on the increase in assessed
value for the current year above the equalized assessed value
of the property for 1977 up to the maximum reduction.
Provides that the reduction (now maximum reduction) for land
with certain improvements is limited to the reduction for
property without certain improvements multiplied by certain
factors. Provides that in no case may the value of an
apartment building owned and operated as a cooperative or a
building that is a life care facility be reduced to less than
50% of its current equalized assessed value by this
exemption.
LRB9001279DNmb
SB937 Engrossed LRB9001279DNmb
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 counties with
23 3,000,000 or more inhabitants and $3,500 in all other
24 counties. However, the value of homestead property shall not
25 be reduced to less than 50% of its current equalized assessed
26 value.
27 "Homestead property" under this Section includes
28 residential property that is occupied by its owner or owners
29 as his or their principal dwelling place, or that is a
30 leasehold interest on which a single family residence is
31 situated, which is occupied as a residence by a person who
SB937 Engrossed -2- LRB9001279DNmb
1 has an ownership interest therein, legal or equitable or as a
2 lessee, and on which the person is liable for the payment of
3 property taxes. For land improved with an apartment building
4 owned and operated as a cooperative or a building which is a
5 life care facility as defined in Section 15-170 and
6 considered to be a cooperative under Section 15-170, the
7 maximum reduction from the equalized assessed value shall be
8 limited to the increase in the value above the equalized
9 assessed value of the property for 1977, up to the maximum
10 reduction set forth above, multiplied by the number of
11 apartments or units occupied by a person or persons who is
12 liable, by contract with the owner or owners of record, for
13 paying property taxes on the property and is an owner of
14 record of a legal or equitable interest in the cooperative
15 apartment building, other than a leasehold interest. However,
16 the value of an apartment building owned and operated as a
17 cooperative or a building that is a life care facility and
18 qualifies as a cooperative shall not be reduced to less than
19 50% of its current equalized assessed value by this
20 exemption. For purposes of this Section, the term "life care
21 facility" has the meaning stated in Section 15-170.
22 In a cooperative where a homestead exemption has been
23 granted, the cooperative association or its management firm
24 shall credit the savings resulting from that exemption only
25 to the apportioned tax liability of the owner who qualified
26 for the exemption. Any person who willfully refuses to so
27 credit the savings shall be guilty of a Class B misdemeanor.
28 Where married persons maintain and reside in separate
29 residences qualifying as homestead property, each residence
30 shall receive 50% of the total reduction in equalized
31 assessed valuation provided by this Section.
32 The assessor, or chief county assessment officer may
33 determine the eligibility of residential property to receive
34 the homestead exemption by application, visual inspection,
SB937 Engrossed -3- LRB9001279DNmb
1 questionnaire or other reasonable methods. The determination
2 shall be made in accordance with guidelines established by
3 the Department. In counties with less than 3,000,000
4 inhabitants, if an application is used to determine
5 eligibility, the application shall be mailed to any taxpayer
6 over 65 years of age who has once applied for and been
7 granted an exemption under this Section.
8 (Source: P.A. 87-894; 87-1189; 88-455.)