(35 ILCS 200/15-180)
Homestead properties that have been
improved and residential structures on homestead property that have been
rebuilt following a catastrophic event are entitled to a homestead improvement
exemption, limited to $30,000 per year through December 31, 1997,
$45,000 beginning January 1, 1998 and through December 31, 2003, and $75,000
per year for that homestead property beginning
January 1, 2004
and thereafter, in fair cash value, when that
is owned and used exclusively for a residential purpose and upon demonstration
that a proposed increase in assessed value is attributable solely to a new
improvement of an existing structure or the rebuilding of a residential
structure following a catastrophic event. To be eligible for an exemption
under this Section after a catastrophic event, the residential structure must
be rebuilt within 2 years after the catastrophic event. The exemption for
rebuilt structures under this Section applies to the increase in value of the
rebuilt structure over the value of the structure before the catastrophic
event. The amount of the exemption shall be limited to the fair cash value
added by the new improvement or rebuilding and shall continue
for 4 years from
the date the improvement or rebuilding is completed and occupied, or until the
next following general assessment of that property, whichever is later.
A proclamation of disaster by the President of the United States or Governor
of the State of Illinois is not a prerequisite to the classification of an
occurrence as a catastrophic event under this Section. A "catastrophic event"
may include an occurrence of widespread or severe damage or loss of property
resulting from any catastrophic cause including but not limited to fire,
including arson (provided the fire was not caused by the willful action of an
owner or resident of the property), flood, earthquake, wind, storm, explosion,
or extended periods of severe inclement weather. In the case of a residential
structure affected by flooding, the structure shall not be eligible for this
homestead improvement exemption unless it is located within a local
jurisdiction which is participating in the National Flood Insurance Program.
In counties of less than 3,000,000 inhabitants, in addition to the notice
requirement under Section 12-30, a supervisor of assessments, county assessor,
or township or multi-township assessor responsible for adding an assessable
improvement to a residential property's assessment shall either notify a
taxpayer whose assessment has been changed since the last preceding assessment
that he or she may be eligible for the exemption provided under this Section or
shall grant the exemption automatically.
Beginning January 1, 1999, in counties of 3,000,000 or more inhabitants,
an application for a
improvement exemption for a residential structure that has been rebuilt
following a catastrophic event must be submitted to the Chief County Assessment
Officer with a valuation complaint and a copy of the building permit to rebuild
the structure. The Chief County Assessment Officer may require additional
documentation which must be provided by the applicant.
Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.
(Source: P.A. 93-715, eff. 7-12-04.)