102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3568
 
Introduced 2/22/2021, by Rep. David A. Welter
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/24-37  new

     Amends the Property Tax Code. Provides that the aggregate real property tax liability imposed on a qualified senior residence by a county or other taxing district shall not exceed 1.5% of the equalized assessed value of that property in any taxable year. Defines "qualified senior residence", "taxable year", and "equalized assessed value".
  


LRB102 14059 HLH 19411 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB3568LRB102 14059 HLH 19411 b


  
1    AN ACT concerning local government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Property Tax Code is amended  by adding 
5Section 24-37 as follows:
 
6    (35 ILCS 200/24-37  new)
7    Sec. 24-37. Statutory level of aggregate taxation on 
8qualified senior residences.
9    (a) As used in this Section:
10        "Qualified senior residence" means:
11            (1) the principal dwelling place and appurtenant 
12        structures used for residential purposes in this State 
13        occupied on January 1 of the taxable year by a 
14        household and so much of the surrounding land, 
15        constituting the parcel upon which the dwelling place 
16        is situated, as is used for residential purposes. If 
17        the chief county assessment officer has established a 
18        specific legal description for a portion of property 
19        constituting the residence, then that portion of 
20        property shall be deemed the residence for the 
21        purposes of this Section;
22            (2) real property that is occupied as a residence 
23        by a person 65 years of age or older who is liable for 
 
 
HB3568- 2 -LRB102 14059 HLH 19411 b

1        paying real estate taxes on the property and is an 
2        owner of record of the property or has legal or 
3        equitable interest therein as evidenced by a written 
4        instrument, except for a leasehold interest, other 
5        than a leasehold interest of land on which a 
6        single-family residence is located, which is occupied 
7        as a residence by a person 65 years or older who has a 
8        legal, equitable, or lessee interest therein, and on 
9        which he or she is liable for the payment of property 
10        taxes; and
11            (3) that has an equalized assessed value of less 
12        than $350,000.
13        "Taxable year" means the calendar year during which ad 
14    valorem property taxes payable in the next succeeding year 
15    are levied.
16        "Equalized assessed value" means the assessed value as 
17    equalized by the Illinois Department of Revenue.
18    (b) Notwithstanding any other provision of law, the 
19aggregate real property tax liability imposed on a qualified 
20senior residence by a county or other taxing district shall 
21not
exceed 1.5% of the equalized assessed value of that 
22property in any taxable year.