Full Text of HB5135 97th General Assembly
HB5135 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB5135 Introduced 2/8/2012, by Rep. Chad Hays SYNOPSIS AS INTRODUCED: |
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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.
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| | FISCAL NOTE ACT MAY APPLY | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY | STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by adding | 5 | | Section 15-167.5 as follows: | 6 | | (35 ILCS 200/15-167.5 new) | 7 | | Sec. 15-167.5. Fallen Veterans' Surviving Spouse Homestead | 8 | | Reduction. | 9 | | (a) Beginning with taxable year 2012, a homestead | 10 | | reduction, 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 the surviving spouse of a veteran | 14 | | who is killed in the line of duty if the surviving spouse 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 | 17 | | interest therein as evidenced by a written instrument, except | 18 | | for a leasehold interest, other than a leasehold interest of | 19 | | land on which a single family residence is located, which is | 20 | | occupied as the principal residence of the surviving spouse. | 21 | | For purposes of the reduction under this Section, "veteran" | 22 | | means an Illinois resident who is killed in the line of duty | 23 | | while serving as a member of the United States Armed Forces, a |
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| 1 | | member of the Illinois National Guard, or a member of the | 2 | | United States Reserve Forces. | 3 | | (b) In all counties, the reduction is $5,000 for the | 4 | | taxable year in which the veteran dies and $5,000 for the next | 5 | | taxable year. For land improved with an apartment building | 6 | | owned and operated as a cooperative, the maximum reduction from | 7 | | the value of the property, as equalized by the Department, must | 8 | | be multiplied by the number of apartments or units occupied by | 9 | | a surviving spouse who is liable, by contract with the owner or | 10 | | owners of record, for paying property taxes on the property and | 11 | | is an owner of record of a legal or equitable interest in the | 12 | | cooperative apartment building, other than a leasehold | 13 | | interest. In a cooperative where a homestead reduction has been | 14 | | granted, the cooperative association or the management firm of | 15 | | the cooperative or facility shall credit the savings resulting | 16 | | from that reduction only to the apportioned tax liability of | 17 | | the owner or resident who qualified for the reduction. Any | 18 | | person who willfully refuses to so credit the savings is guilty | 19 | | of a Class B misdemeanor. | 20 | | (c) Application must be made during the application period | 21 | | in effect for the county in which the property is located. The | 22 | | assessor or chief county assessment officer may determine the | 23 | | eligibility of residential property to receive the homestead | 24 | | reduction provided by this Section by application, visual | 25 | | inspection, questionnaire, or other reasonable methods. The | 26 | | determination must be made in accordance with guidelines |
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| 1 | | established by the Department. | 2 | | (d) The reduction under this Section is in addition to any | 3 | | other homestead exemption or reduction provided in this Article | 4 | | 15. Notwithstanding Sections 6 and 8 of the State Mandates Act, | 5 | | no reimbursement by the State is required for the | 6 | | implementation of any mandate created by this Section.
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.
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