Illinois General Assembly - Full Text of HB4242
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Full Text of HB4242  97th General Assembly

HB4242sam001 97TH GENERAL ASSEMBLY

Sen. Gary Forby

Filed: 5/1/2012

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 4242

2    AMENDMENT NO. ______. Amend House Bill 4242 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Property Tax Code is amended by adding
5Section 15-173 as follows:
 
6    (35 ILCS 200/15-173 new)
7    Sec. 15-173. Natural Disaster Homestead Exemption.
8    (a) This Section may be cited as the Natural Disaster
9Homestead Exemption.
10    (b) As used in this Section:
11    "Base amount" means the base year equalized assessed value
12of the residence.
13    "Base year" means the taxable year prior to the taxable
14year in which the natural disaster occurred.
15    "Chief county assessment officer" means the County
16Assessor or Supervisor of Assessments of the county in which

 

 

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1the property is located.
2    "Equalized assessed value" means the assessed value as
3equalized by the Illinois Department of Revenue.
4    "Homestead property" has the meaning ascribed to that term
5in Section 15-175 of this Code.
6    "Natural disaster" means an occurrence of widespread or
7severe damage or loss of property resulting from any
8catastrophic cause including but not limited to fire, flood,
9earthquake, wind, storm, or extended period of severe inclement
10weather. In the case of a residential structure affected by
11flooding, the structure shall not be eligible for this
12homestead improvement exemption unless it is located within a
13local jurisdiction which is participating in the National Flood
14Insurance Program. A proclamation of disaster by the President
15of the United States or Governor of the State of Illinois is
16not a prerequisite to the classification of an occurrence as a
17natural disaster under this Section.
18    (c) A homestead exemption shall be granted by the chief
19county assessment officer for homestead properties containing
20a residential structure that has been rebuilt following a
21natural disaster occurring in taxable year 2012 or any taxable
22year thereafter. The amount of the exemption is the equalized
23assessed value of the residence in the first taxable year for
24which the taxpayer applies for an exemption under this Section
25minus the base amount. To be eligible for an exemption under
26this Section: (i) the residential structure must be rebuilt

 

 

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1within 2 years after the date of the natural disaster; and (ii)
2the square footage of the rebuilt residential structure may not
3be more than 110% of the square footage of the original
4residential structure as it existed immediately prior to the
5natural disaster. The taxpayer's initial application for an
6exemption under this Section must be made no later than the
7first taxable year after the residential structure is rebuilt.
8The exemption shall continue at the same annual amount until
9the taxable year in which the property is sold or transferred.
10    (d) To receive the exemption, the taxpayer shall submit an
11application to the chief county assessment officer of the
12county in which the property is located by July 1 of each
13taxable year. A county may, by resolution, establish a date for
14submission of applications that is different than July 1. The
15chief county assessment officer may require additional
16documentation to be provided by the applicant. The applications
17shall be clearly marked as applications for the Natural
18Disaster Homestead Exemption.
19    (e) Property is not eligible for an exemption under this
20Section and Section 15-180 for the same natural disaster or
21catastrophic event. The property may, however, remain eligible
22for an additional exemption under Section 15-180 for any
23separate event occurring after the property qualified for an
24exemption under this Section.
25    (f) The exemption under this Section carries over to the
26benefit of the surviving spouse as long as the spouse holds the

 

 

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1legal or beneficial title to the homestead and permanently
2resides thereon.
3    (g) Notwithstanding Sections 6 and 8 of the State Mandates
4Act, no reimbursement by the State is required for the
5implementation of any mandate created by this Section.
 
6    Section 90. The State Mandates Act is amended by adding
7Section 8.36 as follows:
 
8    (30 ILCS 805/8.36 new)
9    Sec. 8.36. Exempt mandate. Notwithstanding Sections 6 and 8
10of this Act, no reimbursement by the State is required for the
11implementation of any mandate created by this amendatory Act of
12the 97th General Assembly.
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.".