State of Illinois
90th General Assembly

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]


      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.
 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.)

[ Top ]