Full Text of SB0804 95th General Assembly
SB0804eng 95TH GENERAL ASSEMBLY
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 15-167 as follows: | 6 |
| (35 ILCS 200/15-167) | 7 |
| Sec. 15-167. Returning Veterans' Homestead Exemption. | 8 |
| (a) Beginning with taxable year 2007, a homestead | 9 |
| exemption, limited to a reduction set forth under subsection | 10 |
| (b), from the property's value, as equalized or assessed by the | 11 |
| Department, is granted for property that is owned and occupied | 12 |
| as the principal residence of a veteran returning from an armed | 13 |
| conflict involving the armed forces of the United States who is | 14 |
| liable for paying real estate taxes on the property and is an | 15 |
| owner of record of the property or has a legal or equitable | 16 |
| interest therein as evidenced by a written instrument, except | 17 |
| for a leasehold interest, other than a leasehold interest of | 18 |
| land on which a single family residence is located, which is | 19 |
| occupied as the principal residence of a veteran returning from | 20 |
| an armed conflict involving the armed forces of the United | 21 |
| States who has an ownership interest therein, legal, equitable | 22 |
| or as a lessee, and on which he or she is liable for the payment | 23 |
| of property taxes. For purposes of the exemption under this |
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| Section, "veteran" means an Illinois resident who has served as | 2 |
| a member of the United States Armed Forces, a member of the | 3 |
| Illinois National Guard, or a member of the United States | 4 |
| Reserve Forces. | 5 |
| (b) In all counties, the reduction is $5,000 and only for | 6 |
| the taxable year in which the veteran returns from active duty | 7 |
| in an armed conflict involving the armed forces of the United | 8 |
| States ; however, if the veteran first acquires his or her | 9 |
| principal residence during the taxable year in which he or she | 10 |
| returns, but after January 1 of that year, and if the property | 11 |
| is owned and occupied by the veteran as a principal residence | 12 |
| on January 1 of the next taxable year, he or she may apply the | 13 |
| exemption for the next taxable year, and only the next taxable | 14 |
| year, after he or she returns . For land improved with an | 15 |
| apartment building owned and operated as a cooperative, the | 16 |
| maximum reduction from the value of the property, as equalized | 17 |
| by the Department, must be multiplied by the number of | 18 |
| apartments or units occupied by a veteran returning from an | 19 |
| armed conflict involving the armed forces of the United States | 20 |
| who is liable, by contract with the owner or owners of record, | 21 |
| for paying property taxes on the property and is an owner of | 22 |
| record of a legal or equitable interest in the cooperative | 23 |
| apartment building, other than a leasehold interest. In a | 24 |
| cooperative where a homestead exemption has been granted, the | 25 |
| cooperative association or the management firm of the | 26 |
| cooperative or facility shall credit the savings resulting from |
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| that exemption only to the apportioned tax liability of the | 2 |
| owner or resident who qualified for the exemption. Any person | 3 |
| who willfully refuses to so credit the savings is guilty of a | 4 |
| Class B misdemeanor. | 5 |
| (c) Application must be made during the application period | 6 |
| in effect for the county of his or her residence. The assessor | 7 |
| or chief county assessment officer may determine the | 8 |
| eligibility of residential property to receive the homestead | 9 |
| exemption provided by this Section by application, visual | 10 |
| inspection, questionnaire, or other reasonable methods. The | 11 |
| determination must be made in accordance with guidelines | 12 |
| established by the Department. | 13 |
| (d) The exemption under this Section is in addition to any | 14 |
| other homestead exemption provided in this Article 15. | 15 |
| Notwithstanding Sections 6 and 8 of the State Mandates Act, no | 16 |
| reimbursement by the State is required for the implementation | 17 |
| of any mandate created by this Section.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law. |
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