95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4908


 
Introduced , by Rep. Timothy L. Schmitz
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/15-7 new










    Amends the Property Tax Code. Provides that, beginning with the 2009 assessment year and unless otherwise stated, the maximum amount of each homestead exemption is increased over the maximum amount of that exemption for the prior year by an amount equal to the annual rate of increase, for the previous
calendar year, of the Consumer Price Index for All Urban
Consumers for all items, published by the United States
Bureau of Labor Statistics. Effective immediately.
















LRB095 19541 BDD 45863 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4908

LRB095 19541 BDD 45863 b






1
    AN ACT concerning revenue.

 
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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 Property Tax Code is amended  by adding 
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Section 15-7 as follows:
 
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    (35 ILCS 200/15-7  new)
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    Sec. 15-7. Homestead exemptions; maximum limits. Beginning 
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with the 2009 assessment year and unless otherwise stated, the 
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maximum amount of each homestead exemption under this Article 
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15 is increased over the maximum amount of that exemption for 
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the prior year by an amount equal to the annual rate of 
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increase, for the previous
calendar year, of the Consumer Price 
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Index for All Urban
Consumers for all items, published by the 
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United States
Bureau of Labor Statistics.
 

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