Full Text of SB0804 95th General Assembly
SB0804sam002 95TH GENERAL ASSEMBLY
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Sen. Susan Garrett
Filed: 5/14/2008
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LRB095 05478 HLH 50848 a |
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| AMENDMENT TO SENATE BILL 804
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| AMENDMENT NO. ______. Amend Senate Bill 804, AS AMENDED, by | 3 |
| replacing everything after the enacting clause with the | 4 |
| following:
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| "Section 5. The Property Tax Code is amended by changing | 6 |
| Section 15-167 as follows: | 7 |
| (35 ILCS 200/15-167) | 8 |
| Sec. 15-167. Returning Veterans' Homestead Exemption. | 9 |
| (a) Beginning with taxable year 2007, a homestead | 10 |
| exemption, limited to a reduction set forth under subsection | 11 |
| (b), from the property's value, as equalized or assessed by the | 12 |
| Department, is granted for property that is owned and occupied | 13 |
| as the principal residence of a veteran returning from an armed | 14 |
| conflict involving the armed forces of the United States who is | 15 |
| liable for paying real estate taxes on the property and is an | 16 |
| owner of record of the property or has a legal or equitable |
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| interest therein as evidenced by a written instrument, except | 2 |
| for a leasehold interest, other than a leasehold interest of | 3 |
| land on which a single family residence is located, which is | 4 |
| occupied as the principal residence of a veteran returning from | 5 |
| an armed conflict involving the armed forces of the United | 6 |
| States who has an ownership interest therein, legal, equitable | 7 |
| or as a lessee, and on which he or she is liable for the payment | 8 |
| of property taxes. For purposes of the exemption under this | 9 |
| Section, "veteran" means an Illinois resident who has served as | 10 |
| a member of the United States Armed Forces, a member of the | 11 |
| Illinois National Guard, or a member of the United States | 12 |
| Reserve Forces. | 13 |
| (b) In all counties, the reduction is $5,000 and only for | 14 |
| the taxable year in which the veteran returns from active duty | 15 |
| in an armed conflict involving the armed forces of the United | 16 |
| States ; however, if the veteran first acquires his or her | 17 |
| principal residence during the taxable year in which he or she | 18 |
| returns, but after January 1 of that year, and if the property | 19 |
| is owned and occupied by the veteran as a principal residence | 20 |
| on January 1 of the next taxable year, he or she may apply the | 21 |
| exemption for the next taxable year, and only the next taxable | 22 |
| year, after he or she returns . For land improved with an | 23 |
| apartment building owned and operated as a cooperative, the | 24 |
| maximum reduction from the value of the property, as equalized | 25 |
| by the Department, must be multiplied by the number of | 26 |
| apartments or units occupied by a veteran returning from an |
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| armed conflict involving the armed forces of the United States | 2 |
| who is liable, by contract with the owner or owners of record, | 3 |
| for paying property taxes on the property and is an owner of | 4 |
| record of a legal or equitable interest in the cooperative | 5 |
| apartment building, other than a leasehold interest. In a | 6 |
| cooperative where a homestead exemption has been granted, the | 7 |
| cooperative association or the management firm of the | 8 |
| cooperative or facility shall credit the savings resulting from | 9 |
| that exemption only to the apportioned tax liability of the | 10 |
| owner or resident who qualified for the exemption. Any person | 11 |
| who willfully refuses to so credit the savings is guilty of a | 12 |
| Class B misdemeanor. | 13 |
| (c) Application must be made during the application period | 14 |
| in effect for the county of his or her residence. The assessor | 15 |
| or chief county assessment officer may determine the | 16 |
| eligibility of residential property to receive the homestead | 17 |
| exemption provided by this Section by application, visual | 18 |
| inspection, questionnaire, or other reasonable methods. The | 19 |
| determination must be made in accordance with guidelines | 20 |
| established by the Department. | 21 |
| (d) The exemption under this Section is in addition to any | 22 |
| other homestead exemption provided in this Article 15. | 23 |
| Notwithstanding Sections 6 and 8 of the State Mandates Act, no | 24 |
| reimbursement by the State is required for the implementation | 25 |
| 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 | 2 |
| becoming law.".
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