HB2624 102ND GENERAL ASSEMBLY

LRB102 10520 HLH 15849 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2624

Introduced 2/19/2021, by Rep. Lance Yednock

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-167.1 new

Amends the Property Tax Code. Provides for a homestead exemption in the amount of $5,000 for property that is owned and occupied as the principal residence of an active duty member of the military. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-167.1 as follows:

(35 ILCS 200/15-167.1 new)

Sec. 15-167.1. Homestead for active duty military.

(a) Beginning with taxable year 2021, a homestead exemption, limited to a reduction of $5,000 from the property's equalized assessed value, is granted for property that is owned and occupied as the principal residence of an active duty member of the military who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a leasehold interest of land on which a single family residence is located, which is occupied as the principal residence of an active duty member of the military who has an ownership interest therein, legal, equitable or as a lessee, and on which he or she is liable for the payment of property taxes. For purposes of the exemption under this Section, "member of the military" means an Illinois resident who is serving as a member of the United States Armed Forces, a member of the Illinois National Guard, or a member of the United States Reserve Forces on active duty.

(b) Application must be made during the application period in effect for the county in which the property is located. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption provided by this Section by application, visual inspection, questionnaire, or other reasonable methods. The determination must be made in accordance with guidelines established by the Department.

(c) The exemption under this Section is in addition to any other homestead exemption provided in this Article 15. Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.

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