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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB4934
Introduced , by Rep. Wyvetter H. Younge SYNOPSIS AS INTRODUCED: |
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20 ILCS 620/6 | from Ch. 67 1/2, par. 1006 |
30 ILCS 805/8.28 |
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35 ILCS 200/15-10 |
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35 ILCS 200/15-175 |
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35 ILCS 200/15-176 |
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35 ILCS 200/15-178 new |
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35 ILCS 200/20-178 |
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35 ILCS 200/31-25 |
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Amends the Property Tax Code. Creates the St. Clair County assessment freeze homestead exemption. Awards an assessment freeze homestead exemption to home owners in St. Clair County. Sets forth procedures for the administration of the exemption. Amends other Act and provisions to make corresponding changes.
Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY |
FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
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A BILL FOR
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HB4934 |
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LRB095 18602 BDD 44688 b |
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| 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 Economic Development Area Tax Increment |
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| Allocation Act is amended by changing Section 6 as follows:
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| (20 ILCS 620/6)
(from Ch. 67 1/2, par. 1006)
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| Sec. 6. Filing with county clerk; certification of initial |
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| equalized
assessed value.
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| (a) The municipality shall file a certified copy of any |
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| ordinance
authorizing tax increment allocation financing for |
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| an economic development
project area with the county clerk, and |
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| the county clerk shall immediately
thereafter determine (1) the |
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| most recently ascertained equalized assessed
value of each lot, |
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| block, tract or parcel of real property within the economic
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| development project area from which shall be deducted the |
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| homestead exemptions
provided under Article 15 of the Property |
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| Tax Code by Sections 15-170, 15-175, and 15-176 of the Property
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| Tax Code , which value
shall be the "initial equalized assessed |
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| value" of each such piece of property,
and (2) the total |
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| equalized assessed value of all taxable real property within
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| the economic development project area by adding together the |
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| most recently
ascertained equalized assessed value of each |
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| taxable lot, block, tract, or
parcel of real property within |
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LRB095 18602 BDD 44688 b |
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| such economic development project area, from
which shall be |
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| deducted the homestead exemptions provided under Article 15 of |
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| the Property Tax Code, and shall certify such
amount as the
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| "total initial equalized assessed value" of the taxable real |
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| property within
the economic development project area.
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| (b) After the county clerk has certified the "total initial |
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| equalized
assessed value" of the taxable real property in the |
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| economic development
project area, then in respect to every |
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| taxing district containing an
economic development project |
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| area, the county clerk or any other official
required by law to |
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| ascertain the amount of the equalized assessed value of
all |
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| taxable property within that taxing district for the purpose of
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| computing the rate per cent of tax to be extended upon taxable |
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| property
within that taxing district, shall in every year that |
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| tax increment
allocation financing is in effect ascertain the |
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| amount of value of taxable
property in an economic development |
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| project area by including in that
amount the lower of the |
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| current equalized assessed value or the certified
"total |
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| initial equalized assessed value" of all taxable real property |
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| in
such area. The rate per cent of tax determined shall be |
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| extended to the current
equalized assessed value of all |
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| property in the economic development project
area in the same |
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| manner as the rate per cent of tax is extended to all other
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| taxable property in the taxing district. The method of |
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| allocating taxes
established under this Section shall |
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| terminate when the municipality adopts an
ordinance dissolving |
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| the special tax allocation fund for the economic
development |
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| project area, terminating the economic development project |
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| area,
and terminating the use of tax increment allocation |
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| financing for the economic
development project area. This Act |
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| shall not be construed as relieving
property owners within an |
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| economic development project area from paying a
uniform rate of |
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| taxes upon the current equalized assessed value of their
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| taxable property as provided in the Property Tax Code.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| Section 7. The State Mandates Act is amended by changing |
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| Section 8.28 as follows: |
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| (30 ILCS 805/8.28)
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| Sec. 8.28. Exempt mandate. |
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| (a) Notwithstanding Sections 6 and 8 of this
Act, no |
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| reimbursement by the State is required for the implementation |
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| of
any mandate created by Public Act 93-654, 93-677, 93-679, |
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| 93-689, 93-734, 93-753, 93-910, 93-917, 93-1036, 93-1038, |
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| 93-1079, or 93-1090.
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| (b) Notwithstanding Sections 6 and 8 of this
Act, no |
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| reimbursement by the State is required for the implementation |
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| of
any mandate created by the Senior Citizens Assessment Freeze |
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| Homestead Exemption under Section 15-172 of the Property Tax |
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| Code, the General Homestead Exemption under Section 15-175 of |
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| the Property Tax Code, the alternative General Homestead |
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LRB095 18602 BDD 44688 b |
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| Exemption
under
Section 15-176 of the Property Tax Code, the |
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| St. Clair County assessment freeze homestead exemption under |
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| Section 15-178, the Homestead Improvements Exemption under |
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| Section 15-180 of the Property Tax Code, and by Public Act |
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| 93-715. |
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| (Source: P.A. 95-331, eff. 8-21-07.) |
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| Section 10. The Property Tax Code is amended by changing |
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| Sections 15-10, 15-176, 15-175, 20-178, and 31-25 and by adding |
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| Section 15-178 as follows:
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| (35 ILCS 200/15-10)
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| Sec. 15-10. Exempt property; procedures for certification. |
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| All property
granted an exemption by the Department pursuant to |
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| the requirements of
Section 15-5 and
described in the Sections |
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| following Section 15-30 and preceding Section 16-5,
to the |
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| extent therein limited, is exempt from taxation.
In order to |
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| maintain that exempt status, the titleholder or the owner of |
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| the
beneficial interest of any property
that
is exempt must |
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| file with the chief county assessment
officer, on or before |
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| January 31 of each year (May 31 in the case of property
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| exempted by Section 15-170), an affidavit stating whether there |
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| has been any
change in the ownership or use of the property or |
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| the status of the
owner-resident, or that a disabled veteran |
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| who qualifies under Section 15-165
owned and used the property |
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| as of January 1 of that year.
The nature of any
change shall be |
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| stated in the affidavit. Failure to file an affidavit shall,
in |
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| the discretion of the assessment officer, constitute cause to |
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| terminate the
exemption of that property, notwithstanding any |
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| other provision of this Code.
Owners of 5 or more such exempt |
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| parcels within a county may file a single
annual affidavit in |
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| lieu of an affidavit for each parcel. The assessment
officer, |
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| upon request, shall furnish an affidavit form to the owners, in |
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| which
the owner may state whether there has been any change in |
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| the ownership or use
of the property or status of the owner or |
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| resident as of January 1 of that
year. The owner of 5 or more |
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| exempt parcels shall list all the properties
giving the same |
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| information for each parcel as required of owners who file
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| individual affidavits.
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| However, titleholders or owners of the beneficial interest |
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| in any property
exempted under any of the following provisions |
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| are not required to
submit an annual filing under this Section:
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| (1) Section 15-45 (burial grounds) in counties of less |
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| than 3,000,000
inhabitants and owned by a not-for-profit
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| organization.
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| (2) Section 15-40.
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| (3) Section 15-50 (United States property).
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| If there is a change in use or ownership, however, notice |
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| must be filed
pursuant to Section 15-20.
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| An application for homestead exemptions shall be filed as |
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| provided in
Section 15-170 (senior citizens homestead |
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| exemption), Section 15-172 (senior
citizens assessment freeze |
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LRB095 18602 BDD 44688 b |
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| homestead exemption), and Sections
15-175 (general homestead |
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| exemption), 15-176
(general alternative
homestead exemption), |
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| and 15-177 (long-time occupant homestead exemption), and |
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| 15-178 (St. Clair County assessment freeze homestead |
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| exemption), respectively.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| (35 ILCS 200/15-175)
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| Sec. 15-175. General homestead exemption. Except as |
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| provided in Sections 15-176 and 15-177, homestead
property is
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| entitled to an annual homestead exemption limited, except as |
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| described here
with relation to cooperatives, to a reduction in |
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| the equalized assessed value
of homestead property equal to the |
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| increase in equalized assessed value for the
current assessment |
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| year above the equalized assessed value of the property for
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| 1977, up to the maximum reduction set forth below. If however, |
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| the 1977
equalized assessed value upon which taxes were paid is |
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| subsequently determined
by local assessing officials, the |
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| Property Tax Appeal Board, or a court to have
been excessive, |
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| the equalized assessed value which should have been placed on
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| the property for 1977 shall be used to determine the amount of |
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| the exemption.
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| Except as provided in Section 15-176, the maximum reduction |
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| before taxable year 2004 shall be
$4,500 in counties with |
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| 3,000,000 or more
inhabitants
and $3,500 in all other counties. |
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| Except as provided in Sections 15-176 and 15-177, for taxable |
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LRB095 18602 BDD 44688 b |
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| years 2004 through 2007, the maximum reduction shall be $5,000, |
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| for taxable year 2008, the maximum reduction is $5,500, and, |
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| for taxable years 2009 and thereafter, the maximum reduction is |
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| $6,000 in all counties. If a county has elected to subject |
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| itself to the provisions of Section 15-176 as provided in |
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| subsection (k) of that Section, then, for the first taxable |
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| year only after the provisions of Section 15-176 no longer |
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| apply, for owners who, for the taxable year, have not been |
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| granted a senior citizens assessment freeze homestead |
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| exemption under Section 15-172 , the St. Clair County |
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| assessment freeze homestead exemption under Section 15-178, or |
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| a long-time occupant homestead exemption under Section 15-177, |
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| there shall be an additional exemption of $5,000 for owners |
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| with a household income of $30,000 or less.
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| In counties with fewer than 3,000,000 inhabitants, if, |
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| based on the most
recent assessment, the equalized assessed |
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| value of
the homestead property for the current assessment year |
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| is greater than the
equalized assessed value of the property |
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| for 1977, the owner of the property
shall automatically receive |
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| the exemption granted under this Section in an
amount equal to |
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| the increase over the 1977 assessment up to the maximum
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| reduction set forth in this Section.
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| If in any assessment year beginning with the 2000 |
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| assessment year,
homestead property has a pro-rata valuation |
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| under
Section 9-180 resulting in an increase in the assessed |
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| valuation, a reduction
in equalized assessed valuation equal to |
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LRB095 18602 BDD 44688 b |
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| the increase in equalized assessed
value of the property for |
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| the year of the pro-rata valuation above the
equalized assessed |
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| value of the property for 1977 shall be applied to the
property |
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| on a proportionate basis for the period the property qualified |
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| as
homestead property during the assessment year. The maximum |
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| proportionate
homestead exemption shall not exceed the maximum |
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| homestead exemption allowed in
the county under this Section |
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| divided by 365 and multiplied by the number of
days the |
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| property qualified as homestead property.
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| "Homestead property" under this Section includes |
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| residential property that is
occupied by its owner or owners as |
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| his or their principal dwelling place, or
that is a leasehold |
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| interest on which a single family residence is situated,
which |
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| is occupied as a residence by a person who has an ownership |
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| interest
therein, legal or equitable or as a lessee, and on |
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| which the person is
liable for the payment of property taxes. |
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| For land improved with
an apartment building owned and operated |
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| as a cooperative or a building which
is a life care facility as |
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| defined in Section 15-170 and considered to
be a cooperative |
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| under Section 15-170, the maximum reduction from the equalized
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| assessed value shall be limited to the increase in the value |
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| above the
equalized assessed value of the property for 1977, up |
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| to
the maximum reduction set forth above, multiplied by the |
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| number of apartments
or units occupied by a person or persons |
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| who is liable, by contract with the
owner or owners of record, |
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| for paying property taxes on the property and is an
owner of |
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LRB095 18602 BDD 44688 b |
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| record of a legal or equitable interest in the cooperative
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| apartment building, other than a leasehold interest. For |
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| purposes of this
Section, the term "life care facility" has the |
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| meaning stated in Section
15-170.
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| "Household", as used in this Section,
means the owner, the |
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| spouse of the owner, and all persons using
the
residence of the |
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| owner as their principal place of residence.
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| "Household income", as used in this Section,
means the |
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| combined income of the members of a household
for the calendar |
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| year preceding the taxable year.
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| "Income", as used in this Section,
has the same meaning as |
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| provided in Section 3.07 of the Senior
Citizens
and Disabled |
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| Persons Property Tax Relief and Pharmaceutical Assistance Act,
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| except that
"income" does not include veteran's benefits.
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| In a cooperative where a homestead exemption has been |
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| granted, the
cooperative association or its management firm |
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| shall credit the savings
resulting from that exemption only to |
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| the apportioned tax liability of the
owner who qualified for |
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| the exemption. Any person who willfully refuses to so
credit |
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| the savings shall be guilty of a Class B misdemeanor.
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| Where married persons maintain and reside in separate |
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| residences qualifying
as homestead property, each residence |
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| shall receive 50% of the total reduction
in equalized assessed |
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| valuation provided by this Section.
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| In all counties, the assessor
or chief county assessment |
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| officer may determine the
eligibility of residential property |
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LRB095 18602 BDD 44688 b |
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| to receive the homestead exemption and the amount of the |
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| exemption by
application, visual inspection, questionnaire or |
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| other reasonable methods. The
determination shall be made in |
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| accordance with guidelines established by the
Department, |
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| provided that the taxpayer applying for an additional general |
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| exemption under this Section shall submit to the chief county |
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| assessment officer an application with an affidavit of the |
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| applicant's total household income, age, marital status (and, |
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| if married, the name and address of the applicant's spouse, if |
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| known), and principal dwelling place of members of the |
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| household on January 1 of the taxable year. The Department |
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| shall issue guidelines establishing a method for verifying the |
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| accuracy of the affidavits filed by applicants under this |
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| paragraph. The applications shall be clearly marked as |
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| applications for the Additional General Homestead Exemption.
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| In counties with fewer than 3,000,000 inhabitants, in the |
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| event of a sale
of
homestead property the homestead exemption |
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| shall remain in effect for the
remainder of the assessment year |
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| of the sale. The assessor or chief county
assessment officer |
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| may require the new
owner of the property to apply for the |
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| homestead exemption for the following
assessment year.
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| Notwithstanding Sections 6 and 8 of the State Mandates Act, |
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| no reimbursement by the State is required for the |
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| implementation of any mandate created by this Section.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| (35 ILCS 200/15-176)
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| Sec. 15-176. Alternative general homestead exemption.
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| (a) For the assessment years as determined under subsection |
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| (j), in any county that has elected, by an ordinance in |
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| accordance with subsection (k), to be subject to the provisions |
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| of this Section in lieu of the provisions of Section 15-175, |
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| homestead property is
entitled to
an annual homestead exemption |
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| equal to a reduction in the property's equalized
assessed
value |
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| calculated as provided in this Section.
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| (b) As used in this Section:
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| (1) "Assessor" means the supervisor of assessments or |
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| the chief county assessment officer of each county.
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| (2) "Adjusted homestead value" means the lesser of the |
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| following values:
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| (A) The property's base homestead value increased |
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| by 7% for each
tax year after the base year through and |
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| including the current tax year, or, if the property is |
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| sold or ownership is otherwise transferred, the |
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| property's base homestead value increased by 7% for |
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| each tax year after the year of the sale or transfer |
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| through and including the current tax year. The |
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| increase by 7% each year is an increase by 7% over the |
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| prior year.
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| (B) The property's equalized assessed value for |
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| the current tax
year minus: (i) $4,500 in Cook County |
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| or $3,500 in all other counties in tax year 2003;
(ii) |
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| $5,000 in all counties in tax years 2004 and 2005; and |
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| (iii) the lesser of the amount of the general homestead |
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| exemption under Section 15-175 or an amount equal to |
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| the increase in the equalized assessed value for the |
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| current tax year above the equalized assessed value for |
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| 1977 in tax year 2006 and thereafter.
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| (3) "Base homestead value".
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| (A) Except as provided in subdivision (b)(3)(A-5) |
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| or (b)(3)(B), "base homestead value" means the |
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| equalized assessed value of the property for the base |
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| year
prior to exemptions, minus (i) $4,500 in Cook |
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| County or $3,500 in all other counties in tax year |
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| 2003, (ii) $5,000 in all counties in tax years
2004 and |
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| 2005, or (iii) the lesser of the amount of the general |
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| homestead exemption under Section 15-175 or an amount |
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| equal to the increase in the equalized assessed value |
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| for the current tax year above the equalized assessed |
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| value for 1977 in tax year 2006 and
thereafter, |
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| provided that it was assessed for that
year as |
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| residential property qualified for any of the |
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| homestead exemptions
under Sections 15-170 through |
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| 15-175 of this Code, then in force, and
further |
23 |
| provided that the property's assessment was not based |
24 |
| on a reduced
assessed value resulting from a temporary |
25 |
| irregularity in the property for
that year. Except as |
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| provided in subdivision (b)(3)(B), if the property did |
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| not have a
residential
equalized assessed value for the |
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| base year, then "base homestead value" means the base
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| homestead value established by the assessor under |
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| subsection (c).
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| (A-5) On or before September 1, 2007, in Cook |
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| County, the base homestead value, as set forth under |
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| subdivision (b)(3)(A) and except as provided under |
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| subdivision (b) (3) (B), must be recalculated as the |
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| equalized assessed value of the property for the base |
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| year, prior to exemptions, minus: |
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| (1) if the general assessment year for the |
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| property was 2003, the lesser of (i) $4,500 or (ii) |
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| the amount equal to the increase in equalized |
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| assessed value for the 2002 tax year above the |
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| equalized assessed value for 1977; |
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| (2) if the general assessment year for the |
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| property was 2004, the lesser of (i) $4,500 or (ii) |
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| the amount equal to the increase in equalized |
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| assessed value for the 2003 tax year above the |
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| equalized assessed value for 1977; |
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| (3) if the general assessment year for the |
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| property was 2005, the lesser of (i) $5,000 or (ii) |
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| the amount equal to the increase in equalized |
24 |
| assessed value for the 2004 tax year above the |
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| equalized assessed value for 1977.
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| (B) If the property is sold or ownership is |
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HB4934 |
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LRB095 18602 BDD 44688 b |
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| otherwise transferred, other than sales or transfers |
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| between spouses or between a parent and a child, "base |
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| homestead value" means the equalized assessed value of |
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| the property at the time of the sale or transfer prior |
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| to exemptions, minus: (i) $4,500 in Cook County or |
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| $3,500 in all other counties in tax year 2003; (ii) |
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| $5,000 in all counties in tax years 2004 and 2005; and |
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| (iii) the lesser of the amount of the general homestead |
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| exemption under Section 15-175 or an amount equal to |
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| the increase in the equalized assessed value for the |
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| current tax year above the equalized assessed value for |
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| 1977 in tax year 2006 and thereafter, provided that it |
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| was assessed as residential property qualified for any |
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| of the homestead exemptions
under Sections 15-170 |
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| through 15-175 of this Code, then in force, and
further |
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| provided that the property's assessment was not based |
17 |
| on a reduced
assessed value resulting from a temporary |
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| irregularity in the property.
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| (3.5) "Base year" means (i) tax year 2002 in Cook |
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| County or (ii) tax year 2005 or 2006 in all other counties |
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| in accordance with the designation made by the county as |
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| provided in subsection (k).
|
23 |
| (4) "Current tax year" means the tax year for which the |
24 |
| exemption under
this Section is being applied.
|
25 |
| (5) "Equalized assessed value" means the property's |
26 |
| assessed value as
equalized by the Department.
|
|
|
|
HB4934 |
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LRB095 18602 BDD 44688 b |
|
|
1 |
| (6) "Homestead" or "homestead property" means:
|
2 |
| (A) Residential property that as of January 1 of |
3 |
| the tax year is
occupied by its owner or owners as his, |
4 |
| her, or their principal dwelling
place, or that is a |
5 |
| leasehold interest on which a single family residence |
6 |
| is
situated, that is occupied as a residence by a |
7 |
| person who has a legal or
equitable interest therein |
8 |
| evidenced by a written instrument, as an owner
or as a |
9 |
| lessee, and on which the person is liable for the |
10 |
| payment of
property taxes. Residential units in an |
11 |
| apartment building owned and
operated as a |
12 |
| cooperative, or as a life care facility, which are |
13 |
| occupied by
persons who hold a legal or equitable |
14 |
| interest in the cooperative apartment
building or life |
15 |
| care facility as owners or lessees, and who are liable |
16 |
| by
contract for the payment of property taxes, shall be |
17 |
| included within this
definition of homestead property.
|
18 |
| (B) A homestead includes the dwelling place, |
19 |
| appurtenant
structures, and so much of the surrounding |
20 |
| land constituting the parcel on
which the dwelling |
21 |
| place is situated as is used for residential purposes. |
22 |
| If
the assessor has established a specific legal |
23 |
| description for a portion of
property constituting the |
24 |
| homestead, then the homestead shall be limited to
the |
25 |
| property within that description.
|
26 |
| (7) "Life care facility" means a facility as defined in |
|
|
|
HB4934 |
- 16 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| Section 2 of the
Life
Care Facilities Act.
|
2 |
| (c) If the property did not have a residential equalized |
3 |
| assessed value for
the base year as provided in subdivision |
4 |
| (b)(3)(A) of this Section, then the assessor
shall first |
5 |
| determine an initial value for the property by comparison with
|
6 |
| assessed values for the base year of other properties having |
7 |
| physical and
economic characteristics similar to those of the |
8 |
| subject property, so that the
initial value is uniform in |
9 |
| relation to assessed values of those other
properties for the |
10 |
| base year. The product of the initial value multiplied by
the |
11 |
| equalized factor for the base year for homestead properties in |
12 |
| that county, less: (i) $4,500 in Cook County or $3,500 in all |
13 |
| other counties in tax years 2003; (ii) $5,000 in all counties |
14 |
| in tax year 2004 and 2005; and (iii) the lesser of the amount |
15 |
| of the general homestead exemption under Section 15-175 or an |
16 |
| amount equal to the increase in the equalized assessed value |
17 |
| for the current tax year above the equalized assessed value for |
18 |
| 1977 in tax year 2006 and thereafter, is the base homestead |
19 |
| value.
|
20 |
| For any tax year for which the assessor determines or |
21 |
| adjusts an initial
value and
hence a base homestead value under |
22 |
| this subsection (c), the initial value shall
be subject
to |
23 |
| review by the same procedures applicable to assessed values |
24 |
| established
under this
Code for that tax year.
|
25 |
| (d) The base homestead value shall remain constant, except |
26 |
| that the assessor
may
revise it under the following |
|
|
|
HB4934 |
- 17 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| circumstances:
|
2 |
| (1) If the equalized assessed value of a homestead |
3 |
| property for the current
tax year is less than the previous |
4 |
| base homestead value for that property, then the
current |
5 |
| equalized assessed value (provided it is not based on a |
6 |
| reduced assessed
value resulting from a temporary |
7 |
| irregularity in the property) shall become the
base |
8 |
| homestead value in subsequent tax years.
|
9 |
| (2) For any year in which new buildings, structures, or |
10 |
| other
improvements are constructed on the homestead |
11 |
| property that would increase its
assessed value, the |
12 |
| assessor shall adjust the base homestead value as provided |
13 |
| in
subsection (c) of this Section with due regard to the |
14 |
| value added by the new
improvements. |
15 |
| (3) If the property is sold or ownership is otherwise |
16 |
| transferred, the base homestead value of the property shall |
17 |
| be adjusted as provided in subdivision (b)(3)(B). This item |
18 |
| (3) does not apply to sales or transfers between spouses or |
19 |
| between a parent and a child.
|
20 |
| (4) the recalculation required in Cook County under |
21 |
| subdivision (b)(3)(A-5).
|
22 |
| (e) The amount of the exemption under this Section is the |
23 |
| equalized assessed
value of the homestead property for the |
24 |
| current tax year, minus the adjusted homestead
value, with the |
25 |
| following exceptions: |
26 |
| (1) In Cook County, the exemption under this Section |
|
|
|
HB4934 |
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LRB095 18602 BDD 44688 b |
|
|
1 |
| shall not exceed $20,000 for any taxable year through tax |
2 |
| year: |
3 |
| (i) 2005, if the general assessment year for the
|
4 |
| property is 2003; |
5 |
| (ii) 2006, if the general assessment year for the
|
6 |
| property is 2004; or |
7 |
| (iii) 2007, if the general assessment year for the
|
8 |
| property is 2005. |
9 |
| (1.1) Thereafter, in Cook County, and in all other |
10 |
| counties, the exemption is as follows: |
11 |
| (i) if the general assessment year for the property |
12 |
| is 2006, then the exemption may not exceed: $33,000 for |
13 |
| taxable year 2006; $26,000 for taxable year 2007; and |
14 |
| $20,000 for taxable year 2008; |
15 |
| (ii) if the general assessment year for the |
16 |
| property is 2007, then the exemption may not exceed: |
17 |
| $33,000 for taxable year 2007; $26,000 for taxable year |
18 |
| 2008; and $20,000 for taxable year 2009; and |
19 |
| (iii) if the general assessment year for the |
20 |
| property is 2008, then the exemption may not exceed: |
21 |
| $33,000 for taxable year 2008; $26,000 for taxable year |
22 |
| 2009; and $20,000 for taxable year 2010. |
23 |
| (1.5) In Cook County, for the 2006 taxable year only, the |
24 |
| maximum amount of the exemption set forth under subsection |
25 |
| (e)(1.1)(i) of this Section may be increased: (i) by $7,000 if |
26 |
| the equalized assessed value of the property in that taxable |
|
|
|
HB4934 |
- 19 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| year exceeds the equalized assessed value of that property in |
2 |
| 2002 by 100% or more; or (ii) by $2,000 if the equalized |
3 |
| assessed value of the property in that taxable year exceeds the |
4 |
| equalized assessed value of that property in 2002 by more than |
5 |
| 80% but less than 100%.
|
6 |
| (2) In the case of homestead property that also |
7 |
| qualifies for
the exemption under Section 15-172 or 15-178 , |
8 |
| the property is entitled to the exemption under
this |
9 |
| Section, limited to the amount of (i) $4,500 in Cook County |
10 |
| or $3,500 in all other counties in tax year 2003, (ii) |
11 |
| $5,000 in all counties in tax years 2004 and 2005, or (iii) |
12 |
| the lesser of the amount of the general homestead exemption |
13 |
| under Section 15-175 or an amount equal to the increase in |
14 |
| the equalized assessed value for the current tax year above |
15 |
| the equalized assessed value for 1977 in tax year 2006 and |
16 |
| thereafter.
|
17 |
| (f) In the case of an apartment building owned and operated |
18 |
| as a cooperative, or
as a life care facility, that contains |
19 |
| residential units that qualify as homestead property
under this |
20 |
| Section, the maximum cumulative exemption amount attributed to |
21 |
| the entire
building or facility shall not exceed the sum of the |
22 |
| exemptions calculated for each
qualified residential unit. The |
23 |
| cooperative association, management firm, or other person
or |
24 |
| entity that manages or controls the cooperative apartment |
25 |
| building or life care facility
shall credit the exemption |
26 |
| attributable to each residential unit only to the apportioned |
|
|
|
HB4934 |
- 20 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| tax
liability of the owner or other person responsible for |
2 |
| payment of taxes as to that unit.
Any person who willfully |
3 |
| refuses to so credit the exemption is guilty of a Class B
|
4 |
| misdemeanor.
|
5 |
| (g) When married persons maintain separate residences, the |
6 |
| exemption provided
under this Section shall be claimed by only |
7 |
| one such person and for only one residence.
|
8 |
| (h) In the event of a sale or other transfer in ownership |
9 |
| of the homestead property, the exemption under this
Section |
10 |
| shall remain in effect for the remainder of the tax year and be |
11 |
| calculated using the same base homestead value in which the |
12 |
| sale or transfer occurs, but (other than for sales or transfers |
13 |
| between spouses or between a parent and a child) shall be |
14 |
| calculated for any subsequent tax year using the new base |
15 |
| homestead value as provided in subdivision (b)(3)(B).
The |
16 |
| assessor may require the new owner of the property to apply for |
17 |
| the exemption in the
following year.
|
18 |
| (i) The assessor may determine whether property qualifies |
19 |
| as a homestead under
this Section by application, visual |
20 |
| inspection, questionnaire, or other
reasonable methods.
Each |
21 |
| year, at the time the assessment books are certified to the |
22 |
| county clerk
by the board
of review, the assessor shall furnish |
23 |
| to the county clerk a list of the
properties qualified
for the |
24 |
| homestead exemption under this Section. The list shall note the |
25 |
| base
homestead
value of each property to be used in the |
26 |
| calculation of the exemption for the
current tax
year.
|
|
|
|
HB4934 |
- 21 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| (j) In counties with 3,000,000 or more inhabitants, the |
2 |
| provisions of this Section apply as follows:
|
3 |
| (1) If the general assessment year for the property is |
4 |
| 2003, this Section
applies for assessment years 2003, 2004, |
5 |
| 2005, 2006, 2007, and 2008.
Thereafter, the provisions of |
6 |
| Section 15-175 apply.
|
7 |
| (2) If the general assessment year for the property is |
8 |
| 2004, this Section
applies for assessment years 2004, 2005, |
9 |
| 2006, 2007, 2008, and 2009.
Thereafter, the provisions of |
10 |
| Section 15-175 apply.
|
11 |
| (3) If the general assessment year for the property is |
12 |
| 2005, this Section
applies for assessment years 2005, 2006, |
13 |
| 2007, 2008, 2009, and 2010.
Thereafter, the provisions of |
14 |
| Section 15-175 apply. |
15 |
| In counties with less than 3,000,000 inhabitants, this |
16 |
| Section applies for assessment years (i) 2006, 2007, and 2008, |
17 |
| and 2009 if tax year 2005 is the designated base year or (ii) |
18 |
| 2007, 2008, 2009, and 2010 if tax year 2006 is the designated |
19 |
| base year. Thereafter, the provisions of Section 15-175 apply.
|
20 |
| (k) To be subject to the provisions of this Section in lieu |
21 |
| of Section 15-175, a county must adopt an ordinance to subject |
22 |
| itself to the provisions of this Section within 6 months after |
23 |
| the effective date of this amendatory Act of the 95th General |
24 |
| Assembly. In a county other than Cook County, the ordinance |
25 |
| must designate either tax year 2005
or tax year 2006
as the |
26 |
| base year.
|
|
|
|
HB4934 |
- 22 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| (l) Notwithstanding Sections 6 and 8 of the State Mandates |
2 |
| Act, no
reimbursement
by the State is required for the |
3 |
| implementation of any mandate created by this
Section.
|
4 |
| (Source: P.A. 95-644, eff. 10-12-07.) |
5 |
| (35 ILCS 200/15-178 new) |
6 |
| Sec. 15-178. The St. Clair County assessment freeze |
7 |
| homestead exemption. |
8 |
| (a) This Section may be cited as the St. Clair County |
9 |
| assessment freeze homestead exemption. |
10 |
| (b) As used in this Section: |
11 |
| "Base amount" means the base year equalized assessed value |
12 |
| of the residence plus the first year's equalized assessed value |
13 |
| of any added improvements that increased the assessed value of |
14 |
| the residence after the base year. |
15 |
| "Base year" means the taxable year prior to the taxable |
16 |
| year for which the applicant first qualifies and applies for |
17 |
| the exemption if, in the prior taxable year, the property was |
18 |
| improved with a permanent structure that was occupied as a |
19 |
| residence by the applicant who was liable for paying real |
20 |
| property taxes on the property and who was either (i) an owner |
21 |
| of record of the property or had legal or equitable interest in |
22 |
| the property as evidenced by a written instrument or (ii) had a |
23 |
| legal or equitable interest as a lessee in the parcel of |
24 |
| property that was single family residence. If, in any |
25 |
| subsequent taxable year for which the applicant applies and |
|
|
|
HB4934 |
- 23 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| qualifies for the exemption, the equalized assessed value of |
2 |
| the residence is less than the equalized assessed value in the |
3 |
| existing base year, then that subsequent taxable year becomes |
4 |
| the base year unless that lower equalized assessed value is |
5 |
| based on an assessed value that results from a temporary |
6 |
| irregularity in the property that reduces the assessed value |
7 |
| for one or more taxable years. The selected year is the base |
8 |
| year for taxable year 2007 and thereafter until a new base year |
9 |
| is established under the terms of this paragraph. |
10 |
| "Life care facility that qualifies as a cooperative" means |
11 |
| a facility as defined in Section 2 of the Life Care Facilities |
12 |
| Act. |
13 |
| "Residence" has the meaning set forth under Section 15-172. |
14 |
| (c) Beginning in taxable year 2008, an assessment freeze |
15 |
| homestead exemption is granted for real property located in St. |
16 |
| Clair County that is improved with a permanent structure that |
17 |
| is occupied as a residence by a person who is liable for paying |
18 |
| real property taxes on the property and who is an owner of |
19 |
| record of the property or has a legal or equitable interest in |
20 |
| the property as evidenced by a written instrument. This |
21 |
| homestead exemption also applies to a leasehold interest in a |
22 |
| parcel of property improved with a permanent structure that is |
23 |
| a single-family residence that is occupied as a residence by an |
24 |
| applicant who has a legal or equitable ownership interest in |
25 |
| the property as lessee and who is liable for the payment of |
26 |
| real property taxes on that property. |
|
|
|
HB4934 |
- 24 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| The amount of this exemption is the equalized assessed |
2 |
| value of the residence in the taxable year for which |
3 |
| application is made minus the base amount. |
4 |
| Each year, at the time the assessment books are certified |
5 |
| to the county clerk, the board of review or board of appeals |
6 |
| shall give to the county clerk a list of the assessed values of |
7 |
| improvements on each parcel qualifying for this exemption that |
8 |
| were added after the base year for this parcel and that |
9 |
| increased the assessed value of the property. |
10 |
| In the case of land improved with an apartment building |
11 |
| owned and operated as a cooperative or a building that is a |
12 |
| life-care facility that qualifies as a cooperative, the maximum |
13 |
| reduction from the equalized assessed value of the property is |
14 |
| limited to the sum of the reductions calculated for each unit |
15 |
| occupied as a residence by an applicant who is liable, by |
16 |
| contract with the owner or owners of record, for paying real |
17 |
| property taxes on the property and who is an owner of record of |
18 |
| a legal or equitable interest in the cooperative apartment |
19 |
| building, other than a leasehold interest. In the instance of a |
20 |
| cooperative where a homestead exemption has been granted under |
21 |
| this Section, the cooperative association or its management |
22 |
| firm shall credit the savings resulting from that exemption |
23 |
| only to the apportioned tax liability of the owner who |
24 |
| qualified for the exemption. Any person who willfully refuses |
25 |
| to credit that savings to an owner who qualifies for the |
26 |
| exemption is guilty of a Class B misdemeanor. |
|
|
|
HB4934 |
- 25 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| (d) To receive the exemption, an applicant must submit an |
2 |
| application by July 1 of each taxable year to the chief county |
3 |
| assessment officer of St. Clair County. The county may, by |
4 |
| ordinance, establish a date for submission of applications that |
5 |
| is different than July 1. The chief county assessment officer |
6 |
| shall, annually, give notice of the application period by mail |
7 |
| or by publication. The applications must be clearly marked as |
8 |
| applications for the St. Clair County assessment freeze |
9 |
| homestead exemption. |
10 |
| If an applicant fails to file the application required by |
11 |
| this Section in a timely manner and this failure to file is due |
12 |
| to a mental or physical condition sufficiently severe so as to |
13 |
| render the applicant incapable of filing the application in a |
14 |
| timely manner, the chief county assessment officer may extend |
15 |
| the filing deadline for a period of 30 days after the applicant |
16 |
| regains the capability to file the application, but in no case |
17 |
| may the filing deadline be extended beyond 3 months of the |
18 |
| original filing deadline. In order to receive the extension |
19 |
| provided in this paragraph, the applicant must provide the |
20 |
| chief county assessment officer with a signed statement from |
21 |
| the applicant's physician stating the nature and extent of the |
22 |
| condition, that, in the physician's opinion, the condition was |
23 |
| so severe that it rendered the applicant incapable of filing |
24 |
| the application in a timely manner, and the date on which the |
25 |
| applicant regained the capability to file the application.
|
|
|
|
HB4934 |
- 26 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| (35 ILCS 200/20-178)
|
2 |
| Sec. 20-178. Certificate of error; refund; interest. When |
3 |
| the county
collector
makes any refunds
due on certificates of |
4 |
| error issued under Sections 14-15 through 14-25
that have been |
5 |
| either
certified or adjudicated, the county collector shall pay |
6 |
| the taxpayer interest
on the amount of the refund
at the rate |
7 |
| of 0.5% per month.
|
8 |
| No interest shall be due under this Section for any time |
9 |
| prior to 60 days
after
the effective date of
this amendatory |
10 |
| Act of the 91st General Assembly. For certificates of error
|
11 |
| issued prior to
the
effective date of this amendatory
Act of |
12 |
| the 91st General Assembly, the county collector shall
pay the |
13 |
| taxpayer interest from 60 days after the effective date of this
|
14 |
| amendatory Act of the 91st General Assembly
until the date the |
15 |
| refund is
paid. For certificates of error issued on or after |
16 |
| the effective date of this
amendatory Act of the 91st General |
17 |
| Assembly,
interest shall be paid from 60
days after the |
18 |
| certificate of error is issued by the chief county assessment
|
19 |
| officer to the
date the refund is made.
To cover the cost of |
20 |
| interest, the county collector shall proportionately
reduce |
21 |
| the distribution of
taxes collected for each taxing district in |
22 |
| which the property is situated.
|
23 |
| This Section shall not apply to any certificate of error |
24 |
| granting a homestead
exemption under
Section 15-170, 15-172,
|
25 |
| 15-175, 15-176, or 15-177 , or 15-178 .
|
26 |
| (Source: P.A. 95-644, eff. 10-12-07.)
|
|
|
|
HB4934 |
- 27 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| (35 ILCS 200/31-25)
|
2 |
| Sec. 31-25. Transfer declaration. At the time a deed, a |
3 |
| document
transferring a controlling interest in real property,
|
4 |
| or trust document is
presented for recordation, or within 3 |
5 |
| business days after the transfer is
effected, whichever is |
6 |
| earlier,
there shall also be presented to the recorder or
|
7 |
| registrar of titles a declaration, signed by at least one of |
8 |
| the sellers and
also signed by at least one of the buyers in |
9 |
| the transaction or by the
attorneys or agents for the sellers |
10 |
| or buyers. The declaration shall state
information including, |
11 |
| but not limited to: (a) the value of the real property
or |
12 |
| beneficial interest in real property located in Illinois
so |
13 |
| transferred; (b) the parcel
identifying number of the property; |
14 |
| (c) the legal description of
the
property; (d) the date of the |
15 |
| deed, the date the transfer was effected,
or the date of the |
16 |
| trust document; (e) the type of deed, transfer,
or
trust |
17 |
| document; (f) the address of the property; (g) the type of |
18 |
| improvement,
if any, on the property; (h) information as to |
19 |
| whether the
transfer is
between related individuals or |
20 |
| corporate affiliates or is a
compulsory transaction; (i)
the |
21 |
| lot size or acreage; (j) the value of personal property sold |
22 |
| with the
real estate; (k) the year the contract was initiated |
23 |
| if an installment sale;
(l) any homestead exemptions, as |
24 |
| provided in Sections 15-170, 15-172, 15-175, and 15-176 , and |
25 |
| 15-178 as reflected on the most recent annual tax bill; and (m) |
|
|
|
HB4934 |
- 28 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| the name, address, and telephone number of the person preparing |
2 |
| the
declaration. Except as provided in Section 31-45, a deed, a |
3 |
| document
transferring a controlling interest in real property,
|
4 |
| or trust
document shall not be accepted for recordation unless |
5 |
| it is accompanied by a
declaration containing all the |
6 |
| information requested
in the declaration. When the declaration |
7 |
| is signed by an attorney or agent on
behalf of sellers or |
8 |
| buyers who have the power of direction to deal with the
title |
9 |
| to the real estate under a land trust agreement, the trustee |
10 |
| being the
mere repository of record legal title with a duty of |
11 |
| conveying the real estate
only when and if directed in writing |
12 |
| by the beneficiary or beneficiaries having
the power of |
13 |
| direction, the attorneys or agents executing the declaration on
|
14 |
| behalf of the sellers or buyers need identify only the land |
15 |
| trust that is the
repository of record legal title and not the |
16 |
| beneficiary or beneficiaries
having the power of direction |
17 |
| under the land trust agreement. The declaration
form shall be |
18 |
| prescribed by the Department and shall contain sales |
19 |
| information
questions.
For sales occurring during a period in |
20 |
| which the provisions of Section 17-10
require the Department to |
21 |
| adjust sale prices for seller paid points and
prevailing cost |
22 |
| of cash,
the declaration form shall contain questions
regarding |
23 |
| the financing of the sale. The subject of the financing |
24 |
| questions
shall include any direct seller participation in the |
25 |
| financing of the sale or
information on financing that is |
26 |
| unconventional so as to affect the fair cash
value received by |
|
|
|
HB4934 |
- 29 - |
LRB095 18602 BDD 44688 b |
|
|
1 |
| the seller. The intent of the sales and financing questions
is |
2 |
| to aid in the reduction in the number of buyers required to |
3 |
| provide
financing information necessary for the adjustment |
4 |
| outlined in Section 17-10.
For sales occurring during a period |
5 |
| in which the provisions of Section 17-10
require the Department |
6 |
| to adjust sale prices for seller paid points and
prevailing |
7 |
| cost of cash,
the declaration form shall include, at a minimum, |
8 |
| the following data: (a)
seller paid points, (b) the sales |
9 |
| price, (c) type of
financing
(conventional, VA, FHA, |
10 |
| seller-financed, or other), (d) down
payment, (e) term,
(f) |
11 |
| interest rate, (g) type and description of interest
rate |
12 |
| (fixed, adjustable
or renegotiable), and (h) an appropriate |
13 |
| place for the inclusion of special
facts or circumstances, if |
14 |
| any. The Department
shall
provide an adequate supply of forms |
15 |
| to each recorder and registrar of titles in
the State.
|
16 |
| (Source: P.A. 93-657, eff. 6-1-04; 94-489, eff. 8-8-05.)
|
17 |
| Section 99. Effective date. This Act takes effect upon |
18 |
| becoming law.
|