Synopsis As Introduced Amends the senior citizens homestead exemption provisions in the Property Tax Code. Provides that beginning with assessment year 2003, for taxes payable in 2004, property that is first occupied as a residence after January 1 of any assessment year by a person who is eligible for the senior citizens homestead exemption must be granted a pro-rata exemption for the assessment year. The amount of the pro-rata exemption is the senior citizens homestead exemption allowed in the county divided by 365 and multiplied by the number of days during the year the property is occupied as a residence by a person eligible for the exemption. The chief county assessment officer must adopt reasonable procedures to establish eligibility for the pro-rata exemption. Amends the State Mandates Act to restate that the senior citizens homestead exemption is exempt from the requirements of the State Mandates Act and further amends the Property Tax Code to state that the senior citizens homestead exemption is exempt from the requirements of the State Mandates Act. Effective immediately.
Fiscal Note (Department of Revenue)
Senate Bill 505 does not create a fiscal impact for the Department of Revenue or the State of Illinois.
Fiscal Note (State Board of Education)
HB 505 creates a tax exemption mandate for local school districts; however, it is specifically exempt from state reimbursement under the State Mandates Act. The State Board of Education has no data on the number of senior citizens who claim the homestead exemptions or how many may be in a position to claim a portion of the exemption under SB 505 because they have moved during the year.
Fiscal Note (Dept of Commerce and Community Affairs)
No fiscal impact on DCCA. The extent of fiscal impact to local governments cannot be determined.