HB5135 97TH GENERAL ASSEMBLY

LRB097 18459 HLH 63689 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5135

Introduced 2/8/2012, by Rep. Chad Hays

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-167.5 new

Amends the Property Tax Code. Creates a reduction for property that is owned and occupied as the principal residence of the surviving spouse of a veteran who is killed in the line of duty. Provides that the reduction is $5,000 for the taxable year in which the veteran dies and $5,000 for the next taxable year. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

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 15-167.5 as follows:

(35 ILCS 200/15-167.5 new)

Sec. 15-167.5. Fallen Veterans' Surviving Spouse Homestead Reduction.

(a) Beginning with taxable year 2012, a homestead reduction, limited to a reduction set forth under subsection (b), from the property's value, as equalized or assessed by the Department, is granted for property that is owned and occupied as the principal residence of the surviving spouse of a veteran who is killed in the line of duty if the surviving spouse is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a leasehold interest of land on which a single family residence is located, which is occupied as the principal residence of the surviving spouse. For purposes of the reduction under this Section, "veteran" means an Illinois resident who is killed in the line of duty while serving as a member of the United States Armed Forces, a member of the Illinois National Guard, or a member of the United States Reserve Forces.

(b) In all counties, the reduction is $5,000 for the taxable year in which the veteran dies and $5,000 for the next taxable year. For land improved with an apartment building owned and operated as a cooperative, the maximum reduction from the value of the property, as equalized by the Department, must be multiplied by the number of apartments or units occupied by a surviving spouse who is liable, by contract with the owner or owners of record, for paying property taxes on the property and is an owner of record of a legal or equitable interest in the cooperative apartment building, other than a leasehold interest. In a cooperative where a homestead reduction has been granted, the cooperative association or the management firm of the cooperative or facility shall credit the savings resulting from that reduction only to the apportioned tax liability of the owner or resident who qualified for the reduction. Any person who willfully refuses to so credit the savings is guilty of a Class B misdemeanor.

(c) Application must be made during the application period in effect for the county in which the property is located. The assessor or chief county assessment officer may determine the eligibility of residential property to receive the homestead reduction provided by this Section by application, visual inspection, questionnaire, or other reasonable methods. The determination must be made in accordance with guidelines established by the Department.

(d) The reduction under this Section is in addition to any other homestead exemption or reduction provided in this Article 15. 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.