SB3150 103RD GENERAL ASSEMBLY

LRB103 36488 HLH 66593 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3150

Introduced 2/6/2024, by Sen. Steve Stadelman

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.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-190 as follows:

(35 ILCS 200/15-190 new)

Sec. 15-190. Residential affordability in flood threatened areas homestead exemption.

(a) Beginning in taxable year 2025, subject to the limitations set forth in subsection (b), a homestead exemption shall be granted by the chief county assessment officer for homestead property that is located within a special flood hazard area as identified by the Federal Emergency Management Agency. The amount of the exemption shall be a reduction in the property's equalized assessed value of $5,000.

(b) Homestead property is not eligible for the exemption under this Section if:

(1) construction of the primary residence on the property was initially completed on or after the date on which the property was first included in the special flood hazard area; or

(2) the property is owned and used as the primary residence of a person or persons whose household income exceeds 120% of the area median income as defined by the United States Department of Housing and Urban Development.

(c) To receive the exemption under this Section, the taxpayer shall submit an application to the chief county assessment officer of the county in which the property is located by July 1 of each taxable year. A county may, by resolution, establish a date for submission of applications that is different than July 1. The chief county assessment officer may determine the eligibility of residential property to receive the homestead exemption under this Section by application, visual inspection, questionnaire, or other reasonable methods.

(d) The application shall be clearly marked as an application for the Residential Affordability in Flood Threatened Areas Exemption.

(e) As used in this Section:

"Chief county assessment officer" means the county assessor or supervisor of assessments of the county in which the property is located.

"Homestead property" has the meaning given to that term in Section 15-175 of this Code.

"Household" means the applicant, the spouse of the applicant, and all persons using the residence of the applicant as their principal place of residence.

"Household income" means the combined income of the members of a household for the calendar year preceding the taxable year.

(f) Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.

Section 99. Effective date. This Act takes effect upon becoming law.