State of Illinois
91st General Assembly
Legislation

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91_HB1552

 
                                               LRB9104894PTpk

 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        For  taxable  years  before  the  1999  taxable year, the
23    maximum reduction shall be $4,500 in counties with  3,000,000
24    or  more  inhabitants  and  $3,500  in  all  other  counties.
25    Beginning  with  the 1999 taxable year, the maximum reduction
26    shall be $4,500 in all counties.
27        In counties with fewer than  3,000,000  inhabitants,  if,
28    based  on  the most recent assessment, the equalized assessed
29    value of the homestead property for  the  current  assessment
30    year  is  greater  than  the  equalized assessed value of the
31    property  for  1977,  the  owner  of   the   property   shall
 
                            -2-                LRB9104894PTpk
 1    automatically   receive  the  exemption  granted  under  this
 2    Section in an amount equal to  the  increase  over  the  1977
 3    assessment  up  to  the  maximum  reduction set forth in this
 4    Section.
 5        "Homestead  property"   under   this   Section   includes
 6    residential  property that is occupied by its owner or owners
 7    as his or their  principal  dwelling  place,  or  that  is  a
 8    leasehold  interest  on  which  a  single family residence is
 9    situated, which is occupied as a residence by  a  person  who
10    has an ownership interest therein, legal or equitable or as a
11    lessee,  and on which the person is liable for the payment of
12    property taxes. For land improved with an apartment  building
13    owned  and operated as a cooperative or a building which is a
14    life  care  facility  as  defined  in  Section   15-170   and
15    considered  to  be  a  cooperative  under Section 15-170, the
16    maximum reduction from the equalized assessed value shall  be
17    limited  to  the  increase  in  the value above the equalized
18    assessed value of the property for 1977, up  to  the  maximum
19    reduction  set  forth  above,  multiplied  by  the  number of
20    apartments or units occupied by a person or  persons  who  is
21    liable,  by  contract with the owner or owners of record, for
22    paying property taxes on the property  and  is  an  owner  of
23    record  of  a  legal or equitable interest in the cooperative
24    apartment building, other  than  a  leasehold  interest.  For
25    purposes  of  this Section, the term "life care facility" has
26    the meaning stated in Section 15-170.
27        In a cooperative where a  homestead  exemption  has  been
28    granted,  the  cooperative association or its management firm
29    shall credit the savings resulting from that  exemption  only
30    to  the  apportioned tax liability of the owner who qualified
31    for the exemption.  Any person who willfully  refuses  to  so
32    credit the savings shall be guilty of a Class B misdemeanor.
33        Where  married  persons  maintain  and reside in separate
34    residences qualifying as homestead property,  each  residence
 
                            -3-                LRB9104894PTpk
 1    shall  receive  50%  of  the  total  reduction  in  equalized
 2    assessed valuation provided by this Section.
 3        In  counties  with  more  than 3,000,000 inhabitants, the
 4    assessor or chief county assessment officer may determine the
 5    eligibility of residential property to receive the  homestead
 6    exemption by application, visual inspection, questionnaire or
 7    other reasonable methods.  The determination shall be made in
 8    accordance with guidelines established by the Department.  In
 9    counties  with fewer than 3,000,000 inhabitants, in the event
10    of a sale of homestead property the homestead exemption shall
11    remain in effect for the remainder of the assessment year  of
12    the  sale.   The  assessor or chief county assessment officer
13    may require the new owner of the property to  apply  for  the
14    homestead exemption for the following assessment year.
15    (Source: P.A.  90-368,  eff.  1-1-98;  90-552, eff. 12-12-97;
16    90-655, eff. 7-30-98.)

17        Section 99.  Effective date.  This Act takes effect  upon
18    becoming law.

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