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Sen. Susan Garrett
Filed: 4/30/2008
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| AMENDMENT TO SENATE BILL 804
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| AMENDMENT NO. ______. Amend Senate Bill 804 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Property Tax Code is amended by changing |
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| Section 15-167 as follows:
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| (35 ILCS 200/15-167) |
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| Sec. 15-167. Returning Veterans' Homestead Exemption. |
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| (a) Beginning with taxable year 2007, a homestead |
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| exemption, limited to a reduction set forth under subsection |
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| (b), from the property's value, as equalized or assessed by the |
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| Department, is granted for property that is owned and occupied |
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| as the principal residence of a veteran returning from an armed |
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| conflict involving the armed forces of the United States who is |
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| liable for paying real estate taxes on the property and is an |
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| owner of record of the property or has a legal or equitable |
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| interest therein as evidenced by a written instrument, except |
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| for a leasehold interest, other than a leasehold interest of |
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| land on which a single family residence is located, which is |
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| occupied as the principal residence of a veteran returning from |
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| an armed conflict involving the armed forces of the United |
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| States who has an ownership interest therein, legal, equitable |
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| or as a lessee, and on which he or she is liable for the payment |
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| of property taxes. For purposes of the exemption under this |
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| Section, "veteran" means an Illinois resident who has served as |
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| a member of the United States Armed Forces, a member of the |
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| Illinois National Guard, or a member of the United States |
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| Reserve Forces. |
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| (b) In all counties, the reduction is $5,000 and only for |
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| the taxable year in which the veteran returns from active duty |
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| in an armed conflict involving the armed forces of the United |
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| States, or the next taxable year if subsection (c-5) applies. |
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| For land improved with an apartment building owned and operated |
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| as a cooperative, the maximum reduction from the value of the |
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| property, as equalized by the Department, must be multiplied by |
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| the number of apartments or units occupied by a veteran |
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| returning from an armed conflict involving the armed forces of |
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| the United States who is liable, by contract with the owner or |
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| owners of record, for paying property taxes on the property and |
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| is an owner of record of a legal or equitable interest in the |
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| cooperative apartment building, other than a leasehold |
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| interest. In a cooperative where a homestead exemption has been |
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| granted, the cooperative association or the management firm of |
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| the cooperative or facility shall credit the savings resulting |
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| from that exemption only to the apportioned tax liability of |
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| the owner or resident who qualified for the exemption. Any |
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| person who willfully refuses to so credit the savings is guilty |
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| of a Class B misdemeanor. |
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| (c) Application must be made during the application period |
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| in effect for the county of his or her residence. The assessor |
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| or chief county assessment officer may determine the |
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| eligibility of residential property to receive the homestead |
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| exemption provided by this Section by application, visual |
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| inspection, questionnaire, or other reasonable methods. The |
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| determination must be made in accordance with guidelines |
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| established by the Department. |
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| (c-5) A veteran who changes or first acquires his or her |
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| principal residence during the taxable year in which he or she |
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| returns from an armed conflict involving the armed forces of |
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| the United States may elect to receive the exemption granted |
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| under this Section either for that taxable year (in which case |
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| it shall apply to the new residence only) or for the next |
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| taxable year, but not both. Such a veteran who was otherwise |
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| eligible for but did not receive an exemption under this |
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| Section for taxable year 2007 or taxable year 2008 may elect to |
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| receive the exemption under this Section for taxable year 2009. |
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| (d) The exemption under this Section is in addition to any |
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| other homestead exemption provided in this Article 15. |
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| Notwithstanding Sections 6 and 8 of the State Mandates Act, no |