Full Text of SB3429 097th General Assembly
SB3429 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB3429 Introduced 2/7/2012, by Sen. David Koehler SYNOPSIS AS INTRODUCED: |
| |
Amends the Property Tax Code. Provides that the general homestead exemption shall be $6,000 in all counties beginning with the 2012 assessment year. Effective immediately.
|
| |
| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
| | | SB3429 | | LRB097 18588 HLH 63820 b |
|
| 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 changing | 5 | | Section 15-175 as follows:
| 6 | | (35 ILCS 200/15-175)
| 7 | | Sec. 15-175. General homestead exemption. Except as | 8 | | provided in Sections 15-176 and 15-177, homestead
property is
| 9 | | entitled to an annual homestead exemption of limited, except as | 10 | | described here
with relation to cooperatives, to a reduction in | 11 | | the equalized assessed value
of homestead property equal to the | 12 | | increase in equalized assessed value for the
current assessment | 13 | | year above the equalized assessed value of the property for
| 14 | | 1977, up to the maximum reduction set forth below. If however, | 15 | | the 1977
equalized assessed value upon which taxes were paid is | 16 | | subsequently determined
by local assessing officials, the | 17 | | Property Tax Appeal Board, or a court to have
been excessive, | 18 | | the equalized assessed value which should have been placed on
| 19 | | the property for 1977 shall be used to determine the amount of | 20 | | the exemption.
| 21 | | Except as provided in Section 15-176, the maximum reduction | 22 | | before taxable year 2004 shall be
$4,500 in counties with | 23 | | 3,000,000 or more
inhabitants
and $3,500 in all other counties. |
| | | SB3429 | - 2 - | LRB097 18588 HLH 63820 b |
|
| 1 | | Except as provided in Sections 15-176 and 15-177, for taxable | 2 | | years 2004 through 2007, the maximum reduction shall be $5,000, | 3 | | for taxable year 2008, the maximum reduction is $5,500, and, | 4 | | for taxable years 2009 and thereafter, the maximum reduction is | 5 | | $6,000 in all counties. If a county has elected to subject | 6 | | itself to the provisions of Section 15-176 as provided in | 7 | | subsection (k) of that Section, then, for the first taxable | 8 | | year only after the provisions of Section 15-176 no longer | 9 | | apply, for owners who, for the taxable year, have not been | 10 | | granted a senior citizens assessment freeze homestead | 11 | | exemption under Section 15-172 or a long-time occupant | 12 | | homestead exemption under Section 15-177, there shall be an | 13 | | additional exemption of $5,000 for owners with a household | 14 | | income of $30,000 or less.
| 15 | | In counties with fewer than 3,000,000 inhabitants, if, | 16 | | based on the most
recent assessment, the equalized assessed | 17 | | value of
the homestead property for the current assessment year | 18 | | is greater than the
equalized assessed value of the property | 19 | | for 1977, the owner of the property
shall automatically receive | 20 | | the exemption granted under this Section in an
amount equal to | 21 | | the increase over the 1977 assessment up to the maximum
| 22 | | reduction set forth in this Section.
| 23 | | If in any assessment year beginning with the 2012 2000 | 24 | | assessment year,
homestead property has a pro-rata valuation | 25 | | under
Section 9-180 resulting in an increase in the assessed | 26 | | valuation, the general homestead exemption a reduction
in |
| | | SB3429 | - 3 - | LRB097 18588 HLH 63820 b |
|
| 1 | | equalized assessed valuation equal to the increase in equalized | 2 | | assessed
value of the property for the year of the pro-rata | 3 | | valuation above the
equalized assessed value of the property | 4 | | for 1977 shall be applied to the
property on a proportionate | 5 | | basis for the period the property qualified as
homestead | 6 | | property during the assessment year. The maximum proportionate
| 7 | | homestead exemption shall not exceed the maximum homestead | 8 | | exemption allowed in
the county under this Section divided by | 9 | | 365 and multiplied by the number of
days the property qualified | 10 | | as homestead property.
| 11 | | "Homestead property" under this Section includes | 12 | | residential property that is
occupied by its owner or owners as | 13 | | his or their principal dwelling place, or
that is a leasehold | 14 | | interest on which a single family residence is situated,
which | 15 | | is occupied as a residence by a person who has an ownership | 16 | | interest
therein, legal or equitable or as a lessee, and on | 17 | | which the person is
liable for the payment of property taxes. | 18 | | For land improved with
an apartment building owned and operated | 19 | | as a cooperative or a building which
is a life care facility as | 20 | | defined in Section 15-170 and considered to
be a cooperative | 21 | | under Section 15-170, the maximum reduction from the equalized
| 22 | | assessed value shall be limited to the increase in the value | 23 | | above the
equalized assessed value of the property for 1977, up | 24 | | to
the maximum reduction set forth above, multiplied by the | 25 | | number of apartments
or units occupied by a person or persons | 26 | | who is liable, by contract with the
owner or owners of record, |
| | | SB3429 | - 4 - | LRB097 18588 HLH 63820 b |
|
| 1 | | for paying property taxes on the property and is an
owner of | 2 | | record of a legal or equitable interest in the cooperative
| 3 | | apartment building, other than a leasehold interest. For | 4 | | purposes of this
Section, the term "life care facility" has the | 5 | | meaning stated in Section
15-170.
| 6 | | "Household", as used in this Section,
means the owner, the | 7 | | spouse of the owner, and all persons using
the
residence of the | 8 | | owner as their principal place of residence.
| 9 | | "Household income", as used in this Section,
means the | 10 | | combined income of the members of a household
for the calendar | 11 | | year preceding the taxable year.
| 12 | | "Income", as used in this Section,
has the same meaning as | 13 | | provided in Section 3.07 of the Senior
Citizens
and Disabled | 14 | | Persons Property Tax Relief and Pharmaceutical Assistance Act,
| 15 | | except that
"income" does not include veteran's benefits.
| 16 | | In a cooperative where a homestead exemption has been | 17 | | granted, the
cooperative association or its management firm | 18 | | shall credit the savings
resulting from that exemption only to | 19 | | the apportioned tax liability of the
owner who qualified for | 20 | | the exemption. Any person who willfully refuses to so
credit | 21 | | the savings shall be guilty of a Class B misdemeanor.
| 22 | | Where married persons maintain and reside in separate | 23 | | residences qualifying
as homestead property, each residence | 24 | | shall receive 50% of the total reduction
in equalized assessed | 25 | | valuation provided by this Section.
| 26 | | In all counties, the assessor
or chief county assessment |
| | | SB3429 | - 5 - | LRB097 18588 HLH 63820 b |
|
| 1 | | officer may determine the
eligibility of residential property | 2 | | to receive the homestead exemption and the amount of the | 3 | | exemption by
application, visual inspection, questionnaire or | 4 | | other reasonable methods. The
determination shall be made in | 5 | | accordance with guidelines established by the
Department, | 6 | | provided that the taxpayer applying for an additional general | 7 | | exemption under this Section shall submit to the chief county | 8 | | assessment officer an application with an affidavit of the | 9 | | applicant's total household income, age, marital status (and, | 10 | | if married, the name and address of the applicant's spouse, if | 11 | | known), and principal dwelling place of members of the | 12 | | household on January 1 of the taxable year. The Department | 13 | | shall issue guidelines establishing a method for verifying the | 14 | | accuracy of the affidavits filed by applicants under this | 15 | | paragraph. The applications shall be clearly marked as | 16 | | applications for the Additional General Homestead Exemption.
| 17 | | In counties with fewer than 3,000,000 inhabitants, in the | 18 | | event of a sale
of
homestead property the homestead exemption | 19 | | shall remain in effect for the
remainder of the assessment year | 20 | | of the sale. The assessor or chief county
assessment officer | 21 | | may require the new
owner of the property to apply for the | 22 | | homestead exemption for the following
assessment year.
| 23 | | Notwithstanding Sections 6 and 8 of the State Mandates Act, | 24 | | no reimbursement by the State is required for the | 25 | | implementation of any mandate created by this Section.
| 26 | | The changes made by this amendatory Act of the 97th General |
| | | SB3429 | - 6 - | LRB097 18588 HLH 63820 b |
|
| 1 | | Assembly apply beginning with the 2012 assessment year. | 2 | | (Source: P.A. 95-644, eff. 10-12-07.)
| 3 | | Section 99. Effective date. This Act takes effect upon | 4 | | becoming law.
|
|