Sen. Don Harmon
Filed: 4/5/2018
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1 | AMENDMENT TO SENATE BILL 2305
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2 | AMENDMENT NO. ______. Amend Senate Bill 2305 on page 14, | ||||||
3 | immediately below line 6, by inserting the following:
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4 | "Section 10. The Senior Citizens Real Estate Tax Deferral | ||||||
5 | Act is amended by changing Section 2 as follows:
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6 | (320 ILCS 30/2) (from Ch. 67 1/2, par. 452)
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7 | Sec. 2. Definitions. As used in this Act:
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8 | (a) "Taxpayer" means an individual whose household income | ||||||
9 | for the year
is no greater than: (i) $40,000 through tax year | ||||||
10 | 2005; (ii) $50,000 for tax years 2006 through 2011; and (iii) | ||||||
11 | $55,000 for tax years year 2012 through 2018; and (iv) $75,000 | ||||||
12 | for tax year 2019 and thereafter.
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13 | (b) "Tax deferred property" means the property upon which | ||||||
14 | real
estate taxes are deferred under this Act.
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15 | (c) "Homestead" means the land and buildings thereon, | ||||||
16 | including a
condominium or a dwelling unit in a multidwelling |
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1 | building that is owned and
operated as a cooperative, occupied | ||||||
2 | by the taxpayer as his residence or which
are temporarily | ||||||
3 | unoccupied by the taxpayer because such taxpayer is temporarily
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4 | residing, for not more than 1 year, in a licensed facility as | ||||||
5 | defined in
Section 1-113 of the Nursing Home Care Act.
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6 | (d) "Real estate taxes" or "taxes" means the taxes on real | ||||||
7 | property for
which the taxpayer would be liable under the | ||||||
8 | Property Tax Code, including special service area taxes, and | ||||||
9 | special assessments on
benefited real property for which the | ||||||
10 | taxpayer would be liable to a unit of
local government.
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11 | (e) "Department" means the Department of Revenue.
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12 | (f) "Qualifying property" means a homestead which (a) the | ||||||
13 | taxpayer or the
taxpayer and his spouse own in fee simple or | ||||||
14 | are purchasing in fee simple under
a recorded instrument of | ||||||
15 | sale, (b) is not income-producing property, (c) is not
subject | ||||||
16 | to a lien for unpaid real estate taxes when a claim under this | ||||||
17 | Act is
filed, and (d) is not held in trust, other than an | ||||||
18 | Illinois land trust with the taxpayer identified as the sole | ||||||
19 | beneficiary, if the taxpayer is filing for the program for the | ||||||
20 | first time effective as of the January 1, 2011 assessment year | ||||||
21 | or tax year 2012 and thereafter.
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22 | (g) "Equity interest" means the current assessed valuation | ||||||
23 | of the qualified
property times the fraction necessary to | ||||||
24 | convert that figure to full market
value minus any outstanding | ||||||
25 | debts or liens on that property. In the case of
qualifying | ||||||
26 | property not having a separate assessed valuation, the |
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1 | appraised
value as determined by a qualified real estate | ||||||
2 | appraiser shall be used instead
of the current assessed | ||||||
3 | valuation.
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4 | (h) "Household income" has the meaning ascribed to that | ||||||
5 | term in the Senior
Citizens and Persons with Disabilities | ||||||
6 | Property Tax Relief
Act.
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7 | (i) "Collector" means the county collector or, if the taxes | ||||||
8 | to be deferred
are special assessments, an official designated | ||||||
9 | by a unit of local government
to collect special assessments.
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10 | (Source: P.A. 99-143, eff. 7-27-15.)".
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