Full Text of SB1597 95th General Assembly
SB1597 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB1597
Introduced 2/9/2007, by Sen. Matt Murphy - Dale A. Righter - John O. Jones - Larry K. Bomke SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Creates the Returning Veterans' Homestead Exemption, under which an exemption from the property's value is granted for residential property that is owned and occupied as a residence by a veteran for the tax year in which the veteran returns from active duty in an armed conflict involving the armed forces of the United States. Effective immediately.
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CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY |
FISCAL NOTE ACT MAY APPLY |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY
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A BILL FOR
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SB1597 |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by adding | 5 |
| Section 15-167 as follows: | 6 |
| (35 ILCS 200/15-167 new) | 7 |
| Sec. 15-167. Returning Veterans' Homestead Exemption. | 8 |
| (a) A homestead exemption limited to a reduction set forth | 9 |
| under subsection (b) from the property's value, as equalized or | 10 |
| assessed by the Department, is granted for property that is | 11 |
| owned and occupied as a residence by a veteran returning from | 12 |
| an armed conflict involving the armed forces of the United | 13 |
| States who is liable for paying real estate taxes on the | 14 |
| property and is an owner of record of the property or has a | 15 |
| legal or equitable interest therein as evidenced by a written | 16 |
| instrument, except for a leasehold interest, other than a | 17 |
| leasehold interest of land on which a single family residence | 18 |
| is located, which is occupied as a residence by a veteran | 19 |
| returning from an armed conflict involving the armed forces of | 20 |
| the United States who has an ownership interest therein, legal, | 21 |
| equitable or as a lessee, and on which he or she is liable for | 22 |
| the payment of property taxes. For purposes of the exemption | 23 |
| under this Section, "veteran" means an Illinois resident who |
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| has served as a member of the United States Armed Forces, a | 2 |
| member of the Illinois National Guard, or a member of the | 3 |
| United States Reserve Forces. | 4 |
| (b) In all counties, the reduction is $5,000 and only for | 5 |
| the tax year in which the veteran returns from active duty in | 6 |
| an armed conflict involving the armed forces of the United | 7 |
| States. For land improved with an apartment building owned and | 8 |
| operated as a cooperative, the maximum reduction from the value | 9 |
| of the property, as equalized by the Department, shall be | 10 |
| multiplied by the number of apartments or units occupied by a | 11 |
| veteran returning from an armed conflict involving the armed | 12 |
| forces of the United States who is liable, by contract with the | 13 |
| owner or owners of record, for paying property taxes on the | 14 |
| property and is an owner of record of a legal or equitable | 15 |
| interest in the cooperative apartment building, other than a | 16 |
| leasehold interest. In a cooperative where a homestead | 17 |
| exemption has been granted, the cooperative association or the | 18 |
| management firm of the cooperative or facility shall credit the | 19 |
| savings resulting from that exemption only to the apportioned | 20 |
| tax liability of the owner or resident who qualified for the | 21 |
| exemption. Any person who willfully refuses to so credit the | 22 |
| savings shall be guilty of a Class B misdemeanor. | 23 |
| (c) Application shall be made during the application period | 24 |
| in effect for the county of his or her residence. The assessor | 25 |
| or chief county assessment officer may determine the | 26 |
| eligibility of residential property to receive the homestead |
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| exemption provided by this Section by application, visual | 2 |
| inspection, questionnaire or other reasonable methods. The | 3 |
| determination shall be made in accordance with guidelines | 4 |
| established by the Department. | 5 |
| (d) The exemption under this Section is in addition to any | 6 |
| other homestead provided in Sections 15-170 through 15-176. | 7 |
| Notwithstanding Sections 6 and 8 of the State Mandates Act, no | 8 |
| reimbursement by the State is required for the implementation | 9 |
| of any mandate created by this Section.
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| Section 99. Effective date. This Act takes effect upon | 11 |
| becoming law.
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