99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB3314

 

Introduced 2/19/2016, by Sen. Scott M. Bennett

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-173

    Amends the Property Tax Code. In a Section granting a natural disaster homestead exemption, removes language providing that the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. Removes provisions providing that the taxpayer's initial application for a natural disaster homestead exemption must be made no later than the first taxable year after the residential structure is rebuilt. Provides that, if the square footage of the rebuilt structure exceeds 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster, then the amount of the natural disaster homestead exemption is the equalized assessed value per square foot of the rebuilt structure multiplied by 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster minus the base amount. Provides that the amendatory Act is retroactive to the 2012 taxable year. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB3314LRB099 16146 HLH 41367 b

1    AN ACT concerning revenue.
 
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 changing
5Section 15-173 as follows:
 
6    (35 ILCS 200/15-173)
7    Sec. 15-173. Natural Disaster Homestead Exemption.
8    (a) This Section may be cited as the Natural Disaster
9Homestead Exemption.
10    (b) As used in this Section:
11    "Base amount" means the base year equalized assessed value
12of the residence.
13    "Base year" means the taxable year prior to the taxable
14year in which the natural disaster occurred.
15    "Chief county assessment officer" means the County
16Assessor or Supervisor of Assessments of the county in which
17the property is located.
18    "Equalized assessed value" means the assessed value as
19equalized by the Illinois Department of Revenue.
20    "Homestead property" has the meaning ascribed to that term
21in Section 15-175 of this Code.
22    "Natural disaster" means an occurrence of widespread or
23severe damage or loss of property resulting from any

 

 

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1catastrophic cause including but not limited to fire, flood,
2earthquake, wind, storm, or extended period of severe inclement
3weather. In the case of a residential structure affected by
4flooding, the structure shall not be eligible for this
5homestead improvement exemption unless it is located within a
6local jurisdiction which is participating in the National Flood
7Insurance Program. A proclamation of disaster by the President
8of the United States or Governor of the State of Illinois is
9not a prerequisite to the classification of an occurrence as a
10natural disaster under this Section.
11    "Residential structure" shall be limited to the livable
12area of a residence, and shall not include decks, outbuildings,
13sheds, or garages.
14    (c) A homestead exemption shall be granted by the chief
15county assessment officer for homestead properties containing
16a residential structure that has been rebuilt following a
17natural disaster occurring in taxable year 2012 or any taxable
18year thereafter. If the square footage of the rebuilt
19residential structure does not exceed 110% of the square
20footage of the original residential structure as it existed
21immediately prior to the natural disaster, then the The amount
22of the exemption is the equalized assessed value of the
23residence in the first taxable year for which the taxpayer
24applies for an exemption under this Section minus the base
25amount. If the square footage of the rebuilt residential
26structure exceeds 110% of the square footage of the original

 

 

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1residential structure as it existed immediately prior to the
2natural disaster, then the amount of the exemption is the
3equalized assessed value per square foot of the residential
4structure in the first taxable year for which the taxpayer
5applies for an exemption multiplied by 110% of the square
6footage of the original residential structure as it existed
7immediately prior to the natural disaster minus the base
8amount. To be eligible for an exemption under this Section: (i)
9the residential structure must be rebuilt within 2 years after
10the date of the natural disaster; and (ii) the square footage
11of the rebuilt residential structure may not be more than 110%
12of the square footage of the original residential structure as
13it existed immediately prior to the natural disaster. The
14taxpayer's initial application for an exemption under this
15Section must be made no later than the first taxable year after
16the residential structure is rebuilt. The exemption shall
17continue at the same annual amount until the taxable year in
18which the property is sold or transferred.
19    (d) To receive the exemption, the taxpayer shall submit an
20application to the chief county assessment officer of the
21county in which the property is located by July 1 of each
22taxable year. A county may, by resolution, establish a date for
23submission of applications that is different than July 1. The
24chief county assessment officer may require additional
25documentation to be provided by the applicant. The applications
26shall be clearly marked as applications for the Natural

 

 

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1Disaster Homestead Exemption.
2    (e) Property is not eligible for an exemption under this
3Section and Section 15-180 for the same natural disaster or
4catastrophic event. The property may, however, remain eligible
5for an additional exemption under Section 15-180 for any
6separate event occurring after the property qualified for an
7exemption under this Section.
8    (f) The exemption under this Section carries over to the
9benefit of the surviving spouse as long as the spouse holds the
10legal or beneficial title to the homestead and permanently
11resides thereon.
12    (f-5) The changes made by this amendatory Act of the 99th
13General Assembly apply to the 2012 taxable year and each
14taxable year thereafter. Any property owner denied an exemption
15prior to this amendatory Act of the 99th General Assembly who
16would be entitled to an exemption under this Section, as
17amended, may obtain relief by certificate of error.
18    (g) Notwithstanding Sections 6 and 8 of the State Mandates
19Act, no reimbursement by the State is required for the
20implementation of any mandate created by this Section.
21(Source: P.A. 97-716, eff. 6-29-12.)
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.