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90_HB0112
35 ILCS 200/15-180
Amends the Property Tax Code. Increases the limitation
on the homestead improvement exemption to $50,000 (now,
$30,000) per year in fair cash value.
LRB9000357DNmb
LRB9000357DNmb
1 AN ACT to amend the Property Tax Code by changing Section
2 15-180.
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 15-180 as follows:
7 (35 ILCS 200/15-180)
8 Sec. 15-180. Homestead improvements. Homestead
9 properties that have been improved are entitled to a
10 homestead improvement exemption, limited to $50,000 $30,000
11 per year in fair cash value, when that property is owned and
12 used exclusively for a residential purpose and upon
13 demonstration that a proposed increase in assessed value is
14 attributable solely to a new improvement of an existing
15 structure. The amount of the exemption shall be limited to
16 the fair cash value added by the new improvement and shall
17 continue for 4 years from the date the improvement is
18 completed and occupied, or until the next following general
19 assessment of that property, whichever is later.
20 In counties of less than 3,000,000 inhabitants, in
21 addition to the notice requirement under Section 12-30, a
22 supervisor of assessments, county assessor, or township or
23 multi-township assessor responsible for adding an assessable
24 improvement to a residential property's assessment shall
25 either notify a taxpayer whose assessment has been changed
26 since the last preceding assessment that he or she may be
27 eligible for the exemption provided under this Section or
28 shall grant the exemption automatically.
29 (Source: P.A. 88-455; 89-595, eff. 1-1-97.)