103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4437
 
Introduced 1/16/2024, by Rep. Maurice A. West, II
 
SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-190 new
    Amends the Property Tax Code. Creates a homestead exemption, subject to certain limitations, for property that is located within a special flood hazard area as identified by the Federal Emergency Management Agency. Provides that the amount of the exemption shall be a reduction in the property's equalized assessed value of $5,000. Effective immediately.


LRB103 36118 HLH 66209 b

 
 
A BILL FOR
 
HB4437LRB103 36118 HLH 66209 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 adding 
5Section 15-190 as follows:
 
6    (35 ILCS 200/15-190 new)
7    Sec. 15-190. Residential affordability in flood threatened 
8areas homestead exemption.
9    (a) Beginning in taxable year 2025, subject to the 
10limitations set forth in subsection (b), a homestead exemption 
11shall be granted by the chief county assessment officer for 
12homestead property that is located within a special flood 
13hazard area as identified by the Federal Emergency Management 
14Agency. The amount of the exemption shall be a reduction in the 
15property's equalized assessed value of $5,000. 
16    (b) Homestead property is not eligible for the exemption 
17under this Section if:
18        (1) construction of the primary residence on the 
19    property was initially completed on or after the date on 
20    which the property was first included in the special flood 
21    hazard area; or 
22        (2) the property is owned and used as the primary 
23    residence of a person or persons whose household income 
 
 
HB4437- 2 -LRB103 36118 HLH 66209 b

1    exceeds 120% of the area median income as defined by the 
2    United States Department of Housing and Urban Development. 
3    (c) To receive the exemption under this Section, the 
4taxpayer shall submit an application to the chief county 
5assessment officer of the county in which the property is 
6located by July 1 of each taxable year. A county may, by 
7resolution, establish a date for submission of applications 
8that is different than July 1. The chief county assessment 
9officer may determine the eligibility of residential property 
10to receive the homestead exemption under this Section by 
11application, visual inspection, questionnaire, or other 
12reasonable methods.
13    (d) The application shall be clearly marked as an 
14application for the Residential Affordability in Flood 
15Threatened Areas Exemption. 
16    (e) As used in this Section: 
17    "Chief county assessment officer" means the county 
18assessor or supervisor of assessments of the county in which 
19the property is located. 
20    "Homestead property" has the meaning given to that term in 
21Section 15-175 of this Code. 
22    "Household" means the applicant, the spouse of the 
23applicant, and all persons using the residence of the 
24applicant as their principal place of residence. 
25    "Household income" means the combined income of the 
26members of a household for the calendar year preceding the 
 
 
HB4437- 3 -LRB103 36118 HLH 66209 b

1taxable year. 
2    (f) Notwithstanding Sections 6 and 8 of the State Mandates 
3Act, no reimbursement by the State is required for the 
4implementation of any mandate created by this Section. 
 
5    Section 99. Effective date. This Act takes effect upon 
6becoming law.