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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5558
Introduced 02/06/04, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Longtime Owner-Occupant Property Tax Relief Act
concerning the public policy of the Act. Makes a technical
change.
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A BILL FOR
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HB5558 |
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LRB093 17355 SJM 43021 b |
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| AN ACT concerning taxes.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Longtime Owner-Occupant Property Tax Relief |
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| Act is amended by
changing Section 5 as follows:
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| (35 ILCS 250/5)
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| Sec. 5. Public policy. In recognition of the severe |
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| economic circumstances
of certain longtime owner-occupants of |
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| residences who are faced with rising
living costs and |
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| constantly increasing tax burdens in areas where real property
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| values have risen markedly as a
result
consequence of the |
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| renovation of other
deteriorating residences or the |
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| construction of new residences, the General
Assembly considers |
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| it to be a matter of sound public policy for counties having
a |
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| population of 100,000 or more to adopt uniform special real |
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| property tax
relief provisions in order to allow longtime |
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| owner-occupants of residences to
remain in peaceful possession |
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| of their homes.
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| (Source: P.A. 88-451.)
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