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90_HB0020eng 35 ILCS 200/15-175 Amends the Property Tax Code. Provides that in counties of fewer than 3,000,000 inhabitants, in the event of a sale of homestead property the homestead exemption shall remain in effect for the remainder of the assessment year of the sale. Provides that the assessor or chief county assessment officer may require the new owner of the homestead property to apply for the homestead exemption for the following assessment year. Effective immediately. LRB9000065KRpk HB0020 Engrossed LRB9000065KRpk 1 AN ACT to amend the Property Tax Code by changing Section 2 15-175. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Property Tax Code is amended by changing 6 Section 15-175 as follows: 7 (35 ILCS 200/15-175) 8 Sec. 15-175. General homestead exemption. Homestead 9 property is entitled to an annual homestead exemption 10 limited, except as described here with relation to 11 cooperatives, to a reduction in the equalized assessed value 12 of homestead property equal to the increase in equalized 13 assessed value for the current assessment year above the 14 equalized assessed value of the property for 1977, up to the 15 maximum reduction set forth below. If however, the 1977 16 equalized assessed value upon which taxes were paid is 17 subsequently determined by local assessing officials, the 18 Property Tax Appeal Board, or a court to have been excessive, 19 the equalized assessed value which should have been placed on 20 the property for 1977 shall be used to determine the amount 21 of the exemption. 22 The maximum reduction shall be $4,500 in counties with 23 3,000,000 or more inhabitants and $3,500 in all other 24 counties. 25 "Homestead property" under this Section includes 26 residential property that is occupied by its owner or owners 27 as his or their principal dwelling place, or that is a 28 leasehold interest on which a single family residence is 29 situated, which is occupied as a residence by a person who 30 has an ownership interest therein, legal or equitable or as a 31 lessee, and on which the person is liable for the payment of HB0020 Engrossed -2- LRB9000065KRpk 1 property taxes. For land improved with an apartment building 2 owned and operated as a cooperative or a building which is a 3 life care facility as defined in Section 15-170 and 4 considered to be a cooperative under Section 15-170, the 5 maximum reduction from the equalized assessed value shall be 6 limited to the increase in the value above the equalized 7 assessed value of the property for 1977, up to the maximum 8 reduction set forth above, multiplied by the number of 9 apartments or units occupied by a person or persons who is 10 liable, by contract with the owner or owners of record, for 11 paying property taxes on the property and is an owner of 12 record of a legal or equitable interest in the cooperative 13 apartment building, other than a leasehold interest. For 14 purposes of this Section, the term "life care facility" has 15 the meaning stated in Section 15-170. 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 19 to the apportioned tax liability of the owner who qualified 20 for the exemption. Any person who willfully refuses to so 21 credit 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 25 assessed valuation provided by this Section. 26 The assessor, or chief county assessment officer may 27 determine the eligibility of residential property to receive 28 the homestead exemption by application, visual inspection, 29 questionnaire or other reasonable methods. The determination 30 shall be made in accordance with guidelines established by 31 the Department. In counties with less than 3,000,000 32 inhabitants, if an application is used to determine 33 eligibility, the application shall be mailed to any taxpayer 34 over 65 years of age who has once applied for and been HB0020 Engrossed -3- LRB9000065KRpk 1 granted an exemption under this Section. In counties with 2 fewer than 3,000,000 inhabitants, in the event of a sale of 3 homestead property the homestead exemption shall remain in 4 effect for the remainder of the assessment year of the sale. 5 The assessor or chief county assessment officer may require 6 the new owner of the property to apply for the homestead 7 exemption for the following assessment year. 8 (Source: P.A. 87-894; 87-1189; 88-455.) 9 Section 99. Effective date. This Act takes effect upon 10 becoming law.
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