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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, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | |||||||||||||||||||
5 | Section 15-175 as follows:
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6 | (35 ILCS 200/15-175)
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7 | Sec. 15-175. General homestead exemption. Except as | |||||||||||||||||||
8 | provided in Sections 15-176 and
and 15-177, homestead
property | |||||||||||||||||||
9 | is
entitled to an annual homestead exemption limited, except as | |||||||||||||||||||
10 | described here
with relation to cooperatives, to a reduction in | |||||||||||||||||||
11 | the equalized assessed value
of homestead property equal to the | |||||||||||||||||||
12 | increase in equalized assessed value for the
current assessment | |||||||||||||||||||
13 | year above the equalized assessed value of the property for
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14 | 1977, up to the maximum reduction set forth below. If however, | |||||||||||||||||||
15 | the 1977
equalized assessed value upon which taxes were paid is | |||||||||||||||||||
16 | subsequently determined
by local assessing officials, the | |||||||||||||||||||
17 | Property Tax Appeal Board, or a court to have
been excessive, | |||||||||||||||||||
18 | the equalized assessed value which should have been placed on
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19 | the property for 1977 shall be used to determine the amount of | |||||||||||||||||||
20 | the exemption. | |||||||||||||||||||
21 | Except as provided in Section 15-176, the maximum reduction | |||||||||||||||||||
22 | before taxable year 2004 shall be
$4,500 in counties with | |||||||||||||||||||
23 | 3,000,000 or more
inhabitants
and $3,500 in all other counties. |
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1 | Except as provided in Sections 15-176 and 15-177, for taxable | ||||||
2 | years 2004 through 2007, the maximum reduction shall be $5,000, | ||||||
3 | for taxable year 2008, the maximum reduction is $5,500, and, | ||||||
4 | for taxable years 2009 and thereafter, the maximum reduction is | ||||||
5 | $6,000 in all counties. If a county has elected to subject | ||||||
6 | itself to the provisions of Section 15-176 as provided in | ||||||
7 | subsection (k) of that Section, then, for the first taxable | ||||||
8 | year only after the provisions of Section 15-176 no longer | ||||||
9 | apply, for owners who, for the taxable year, have not been | ||||||
10 | granted a senior citizens assessment freeze homestead | ||||||
11 | exemption under Section 15-172 or a long-time occupant | ||||||
12 | homestead exemption under Section 15-177, there shall be an | ||||||
13 | additional exemption of $5,000 for owners with a household | ||||||
14 | income of $30,000 or less.
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15 | In counties with fewer than 3,000,000 inhabitants, if, | ||||||
16 | based on the most
recent assessment, the equalized assessed | ||||||
17 | value of
the homestead property for the current assessment year | ||||||
18 | is greater than the
equalized assessed value of the property | ||||||
19 | for 1977, the owner of the property
shall automatically receive | ||||||
20 | the exemption granted under this Section in an
amount equal to | ||||||
21 | the increase over the 1977 assessment up to the maximum
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22 | reduction set forth in this Section.
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23 | If in any assessment year beginning with the 2000 | ||||||
24 | assessment year,
homestead property has a pro-rata valuation | ||||||
25 | under
Section 9-180 resulting in an increase in the assessed | ||||||
26 | valuation, a reduction
in equalized assessed valuation equal to |
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1 | the increase in equalized assessed
value of the property for | ||||||
2 | the year of the pro-rata valuation above the
equalized assessed | ||||||
3 | value of the property for 1977 shall be applied to the
property | ||||||
4 | on a proportionate basis for the period the property qualified | ||||||
5 | as
homestead property during the assessment year. The maximum | ||||||
6 | proportionate
homestead exemption shall not exceed the maximum | ||||||
7 | homestead exemption allowed in
the county under this Section | ||||||
8 | divided by 365 and multiplied by the number of
days the | ||||||
9 | property qualified as homestead property.
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10 | "Homestead property" under this Section includes | ||||||
11 | residential property that is
occupied by its owner or owners as | ||||||
12 | his or their principal dwelling place, or
that is a leasehold | ||||||
13 | interest on which a single family residence is situated,
which | ||||||
14 | is occupied as a residence by a person who has an ownership | ||||||
15 | interest
therein, legal or equitable or as a lessee, and on | ||||||
16 | which the person is
liable for the payment of property taxes. | ||||||
17 | For land improved with
an apartment building owned and operated | ||||||
18 | as a cooperative or a building which
is a life care facility as | ||||||
19 | defined in Section 15-170 and considered to
be a cooperative | ||||||
20 | under Section 15-170, the maximum reduction from the equalized
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21 | assessed value shall be limited to the increase in the value | ||||||
22 | above the
equalized assessed value of the property for 1977, up | ||||||
23 | to
the maximum reduction set forth above, multiplied by the | ||||||
24 | number of apartments
or units occupied by a person or persons | ||||||
25 | who is liable, by contract with the
owner or owners of record, | ||||||
26 | for paying property taxes on the property and is an
owner of |
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1 | record of a legal or equitable interest in the cooperative
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2 | apartment building, other than a leasehold interest. For | ||||||
3 | purposes of this
Section, the term "life care facility" has the | ||||||
4 | meaning stated in Section
15-170.
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5 | "Household", as used in this Section,
means the owner, the | ||||||
6 | spouse of the owner, and all persons using
the
residence of the | ||||||
7 | owner as their principal place of residence.
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8 | "Household income", as used in this Section,
means the | ||||||
9 | combined income of the members of a household
for the calendar | ||||||
10 | year preceding the taxable year.
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11 | "Income", as used in this Section,
has the same meaning as | ||||||
12 | provided in Section 3.07 of the Senior
Citizens
and Disabled | ||||||
13 | Persons Property Tax Relief and Pharmaceutical Assistance Act,
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14 | except that
"income" does not include veteran's benefits.
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15 | In a cooperative where a homestead exemption has been | ||||||
16 | granted, the
cooperative association or its management firm | ||||||
17 | shall credit the savings
resulting from that exemption only to | ||||||
18 | the apportioned tax liability of the
owner who qualified for | ||||||
19 | the exemption. Any person who willfully refuses to so
credit | ||||||
20 | the savings shall be guilty of a Class B misdemeanor.
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21 | Where married persons maintain and reside in separate | ||||||
22 | residences qualifying
as homestead property, each residence | ||||||
23 | shall receive 50% of the total reduction
in equalized assessed | ||||||
24 | valuation provided by this Section.
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25 | In all counties, the assessor
or chief county assessment | ||||||
26 | officer may determine the
eligibility of residential property |
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1 | to receive the homestead exemption and the amount of the | ||||||
2 | exemption by
application, visual inspection, questionnaire or | ||||||
3 | other reasonable methods. The
determination shall be made in | ||||||
4 | accordance with guidelines established by the
Department, | ||||||
5 | provided that the taxpayer applying for an additional general | ||||||
6 | exemption under this Section shall submit to the chief county | ||||||
7 | assessment officer an application with an affidavit of the | ||||||
8 | applicant's total household income, age, marital status (and, | ||||||
9 | if married, the name and address of the applicant's spouse, if | ||||||
10 | known), and principal dwelling place of members of the | ||||||
11 | household on January 1 of the taxable year. The Department | ||||||
12 | shall issue guidelines establishing a method for verifying the | ||||||
13 | accuracy of the affidavits filed by applicants under this | ||||||
14 | paragraph. The applications shall be clearly marked as | ||||||
15 | applications for the Additional General Homestead Exemption.
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16 | In counties with fewer than 3,000,000 inhabitants, in the | ||||||
17 | event of a sale
of
homestead property the homestead exemption | ||||||
18 | shall remain in effect for the
remainder of the assessment year | ||||||
19 | of the sale. The assessor or chief county
assessment officer | ||||||
20 | may require the new
owner of the property to apply for the | ||||||
21 | homestead exemption for the following
assessment year.
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22 | Notwithstanding Sections 6 and 8 of the State Mandates Act, | ||||||
23 | no reimbursement by the State is required for the | ||||||
24 | implementation of any mandate created by this Section.
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25 | (Source: P.A. 95-644, eff. 10-12-07.)
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