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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB2624 Introduced 2/19/2021, by Rep. Lance Yednock SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Provides for a homestead exemption in the amount of $5,000 for property that is owned and occupied as the principal residence of an active duty member of the military. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY | STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
| | A BILL FOR |
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| | HB2624 | | LRB102 10520 HLH 15849 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Property Tax Code is amended by adding |
5 | | Section 15-167.1 as follows: |
6 | | (35 ILCS 200/15-167.1 new) |
7 | | Sec. 15-167.1. Homestead for active duty military. |
8 | | (a) Beginning with taxable year 2021, a homestead |
9 | | exemption, limited to a reduction of $5,000 from the |
10 | | property's equalized assessed value, is granted for property |
11 | | that is owned and occupied as the principal residence of an |
12 | | active duty member of the military who is liable for paying |
13 | | real estate taxes on the property and is an owner of record of |
14 | | the property or has a legal or equitable interest therein as |
15 | | evidenced by a written instrument, except for a leasehold |
16 | | interest, other than a leasehold interest of land on which a |
17 | | single family residence is located, which is occupied as the |
18 | | principal residence of an active duty member of the military |
19 | | who has an ownership interest therein, legal, equitable or as |
20 | | a lessee, and on which he or she is liable for the payment of |
21 | | property taxes. For purposes of the exemption under this |
22 | | Section, "member of the military" means an Illinois resident |
23 | | who is serving as a member of the United States Armed Forces, a |