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Sen. Don Harmon
Filed: 4/5/2018
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| 1 | | AMENDMENT TO SENATE BILL 2305
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2305 on page 14, |
| 3 | | immediately below line 6, by inserting the following:
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| 4 | | "Section 10. The Senior Citizens Real Estate Tax Deferral |
| 5 | | Act is amended by changing Section 2 as follows:
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| 6 | | (320 ILCS 30/2) (from Ch. 67 1/2, par. 452)
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| 7 | | Sec. 2. Definitions. As used in this Act:
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| 8 | | (a) "Taxpayer" means an individual whose household income |
| 9 | | for the year
is no greater than: (i) $40,000 through tax year |
| 10 | | 2005; (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 |
| 12 | | for tax year 2019 and thereafter.
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| 13 | | (b) "Tax deferred property" means the property upon which |
| 14 | | real
estate taxes are deferred under this Act.
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| 15 | | (c) "Homestead" means the land and buildings thereon, |
| 16 | | including a
condominium or a dwelling unit in a multidwelling |
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| 1 | | building that is owned and
operated as a cooperative, occupied |
| 2 | | by the taxpayer as his residence or which
are temporarily |
| 3 | | unoccupied by the taxpayer because such taxpayer is temporarily
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| 4 | | residing, for not more than 1 year, in a licensed facility as |
| 5 | | defined in
Section 1-113 of the Nursing Home Care Act.
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| 6 | | (d) "Real estate taxes" or "taxes" means the taxes on real |
| 7 | | property for
which the taxpayer would be liable under the |
| 8 | | Property Tax Code, including special service area taxes, and |
| 9 | | special assessments on
benefited real property for which the |
| 10 | | taxpayer would be liable to a unit of
local government.
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| 11 | | (e) "Department" means the Department of Revenue.
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| 12 | | (f) "Qualifying property" means a homestead which (a) the |
| 13 | | taxpayer or the
taxpayer and his spouse own in fee simple or |
| 14 | | are purchasing in fee simple under
a recorded instrument of |
| 15 | | sale, (b) is not income-producing property, (c) is not
subject |
| 16 | | to a lien for unpaid real estate taxes when a claim under this |
| 17 | | Act is
filed, and (d) is not held in trust, other than an |
| 18 | | Illinois land trust with the taxpayer identified as the sole |
| 19 | | beneficiary, if the taxpayer is filing for the program for the |
| 20 | | first time effective as of the January 1, 2011 assessment year |
| 21 | | or tax year 2012 and thereafter.
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| 22 | | (g) "Equity interest" means the current assessed valuation |
| 23 | | of the qualified
property times the fraction necessary to |
| 24 | | convert that figure to full market
value minus any outstanding |
| 25 | | debts or liens on that property. In the case of
qualifying |
| 26 | | property not having a separate assessed valuation, the |
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| 1 | | appraised
value as determined by a qualified real estate |
| 2 | | appraiser shall be used instead
of the current assessed |
| 3 | | valuation.
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| 4 | | (h) "Household income" has the meaning ascribed to that |
| 5 | | term in the Senior
Citizens and Persons with Disabilities |
| 6 | | Property Tax Relief
Act.
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| 7 | | (i) "Collector" means the county collector or, if the taxes |
| 8 | | to be deferred
are special assessments, an official designated |
| 9 | | by a unit of local government
to collect special assessments.
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| 10 | | (Source: P.A. 99-143, eff. 7-27-15.)".
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