Full Text of HB4693 96th General Assembly
HB4693 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB4693
Introduced , by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED: |
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320 ILCS 30/3 |
from Ch. 67 1/2, par. 453 |
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Amends the Senior Citizens Real Estate Tax Deferral Act. Provides that interest charged for taxes deferred under the Act shall be at the rate of 3% per year (instead of 6% per year) beginning in taxable year 2010. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB4693 |
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LRB096 15874 HLH 31116 b |
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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 Senior Citizens Real Estate Tax Deferral Act | 5 |
| is amended by changing Section 3 as follows:
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| (320 ILCS 30/3) (from Ch. 67 1/2, par. 453)
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| Sec. 3.
A taxpayer may, on or before March 1 of each year,
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| apply to the county collector of the county where his | 9 |
| qualifying
property is located, or to the official designated | 10 |
| by a unit of local
government to collect special assessments on | 11 |
| the qualifying property, as the
case may be, for a deferral of | 12 |
| all or a part of real estate taxes payable
during that year for | 13 |
| the preceding year in the case of real estate taxes
other than | 14 |
| special assessments, or for a deferral of any installments | 15 |
| payable
during that year in the case of special assessments, on | 16 |
| all or part of his
qualifying property. The application shall | 17 |
| be on a form prescribed by the
Department and furnished by the | 18 |
| collector,
(a) showing that the applicant
will be 65 years of | 19 |
| age or older by June 1 of the year for which a tax
deferral is | 20 |
| claimed, (b) describing the property and verifying that the
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| property is qualifying property as defined in Section 2, (c) | 22 |
| certifying
that the taxpayer has owned and occupied as his | 23 |
| residence such
property or other qualifying property in the |
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HB4693 |
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LRB096 15874 HLH 31116 b |
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| State for at least the last 3
years except for any periods | 2 |
| during which the taxpayer may have temporarily
resided in a | 3 |
| nursing or sheltered care home, and (d) specifying whether
the | 4 |
| deferral is for all or a part of the taxes, and, if for a part, | 5 |
| the amount
of deferral applied for. As to qualifying property | 6 |
| not having a separate
assessed valuation, the taxpayer shall | 7 |
| also file with the county collector a
written appraisal of the | 8 |
| property prepared by a qualified real estate appraiser
together | 9 |
| with a certificate signed by the appraiser stating that he has
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| personally examined the property and setting forth the value of | 11 |
| the land and
the value of the buildings thereon occupied by the | 12 |
| taxpayer as his residence.
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| The collector shall grant the tax deferral provided such | 14 |
| deferral does not
exceed funds available in the Senior Citizens | 15 |
| Real Estate Deferred Tax
Revolving Fund and provided that the | 16 |
| owner or owners of such real property have
entered into a tax | 17 |
| deferral and recovery agreement with the collector on behalf
of | 18 |
| the county or other unit of local government, which agreement | 19 |
| expressly
states:
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| (1) That the total amount of taxes deferred under this Act, | 21 |
| plus
interest, for the year for which a tax deferral is claimed | 22 |
| as well
as for those previous years for which taxes are not | 23 |
| delinquent and
for which such deferral has been claimed may not | 24 |
| exceed 80%
of the taxpayer's equity interest in the property | 25 |
| for which taxes are
to be deferred and that, if the total | 26 |
| deferred taxes plus interest equals
80% of the taxpayer's |
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HB4693 |
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LRB096 15874 HLH 31116 b |
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| equity interest in the property, the taxpayer shall
thereafter | 2 |
| pay the annual interest due on such deferred taxes plus | 3 |
| interest
so that total deferred taxes plus interest will not | 4 |
| exceed such 80% of the
taxpayer's equity interest in the | 5 |
| property.
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| (2) That any real estate taxes deferred under this Act and | 7 |
| any
interest accrued thereon at the rate of 6% per year through | 8 |
| taxable year 2009 and 3% per year beginning in taxable year | 9 |
| 2010 are a lien on the real
estate and improvements thereon | 10 |
| until paid. No sale or transfer of such
real property may be | 11 |
| legally closed and recorded until the taxes
which would | 12 |
| otherwise have been due on the property, plus accrued
interest, | 13 |
| have been paid unless the collector certifies in
writing that | 14 |
| an arrangement for prompt payment of the amount due
has been | 15 |
| made with his office. The same shall apply if the
property is | 16 |
| to be made the subject of a contract of sale.
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| (3) That upon the death of the taxpayer claiming the | 18 |
| deferral
the heirs-at-law, assignees or legatees shall have | 19 |
| first
priority to the real property upon which taxes have been | 20 |
| deferred
by paying in full the total taxes which would | 21 |
| otherwise have been due,
plus interest. However, if such | 22 |
| heir-at-law, assignee, or legatee
is a surviving spouse, the | 23 |
| tax deferred status of the
property shall be continued during | 24 |
| the life of that surviving spouse
if the spouse is 55 years of | 25 |
| age or older within 6 months of the
date of death of the | 26 |
| taxpayer and enters into a tax deferral and
recovery agreement |
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HB4693 |
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LRB096 15874 HLH 31116 b |
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| before the time when deferred taxes become due
under this | 2 |
| Section. Any additional taxes deferred, plus interest,
on the | 3 |
| real property under a tax deferral and recovery agreement
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| signed by a surviving spouse shall be added to the taxes and | 5 |
| interest
which would otherwise have been due, and the payment | 6 |
| of which has been
postponed during the life of such surviving | 7 |
| spouse, in determining
the 80% equity requirement provided by | 8 |
| this Section.
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| (4) That if the taxes due, plus interest, are not paid by | 10 |
| the heir-at-law,
assignee or legatee or if payment is not | 11 |
| postponed during the life of a
surviving spouse, the deferred | 12 |
| taxes and interest shall be recovered from the
estate of the | 13 |
| taxpayer within one year of the date of his death. In addition,
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| deferred real estate taxes and any interest accrued thereon are | 15 |
| due within 90
days after any tax deferred property ceases to be | 16 |
| qualifying property as
defined in Section 2.
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| If payment is not made when required by this Section, | 18 |
| foreclosure proceedings
may be instituted under the Property | 19 |
| Tax Code.
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| (5) That any joint owner has given written prior approval | 21 |
| for such
agreement,
which written approval shall be made a part | 22 |
| of such agreement.
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| (6) That a guardian for a person under legal disability | 24 |
| appointed for a
taxpayer who otherwise qualifies under this Act | 25 |
| may act for the taxpayer in
complying with this Act.
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| (7) That a taxpayer or his agent has provided to the |
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LRB096 15874 HLH 31116 b |
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| satisfaction of the
collector, sufficient evidence that the | 2 |
| qualifying property on which the taxes
are to be deferred is | 3 |
| insured against fire or casualty loss for at least the
total | 4 |
| amount of taxes which have been deferred.
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| If the taxes to be deferred are special assessments, the | 6 |
| unit of local
government making the assessments shall forward a | 7 |
| copy of the agreement
entered into pursuant to this Section and | 8 |
| the bills for such assessments to
the county collector of the | 9 |
| county in which the qualifying property is located.
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| (Source: P.A. 90-170, eff. 7-23-97; 91-357, eff. 7-29-99.)
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| Section 99. Effective date. This Act takes effect upon | 12 |
| becoming law.
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