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90_HB3818
35 ILCS 200/15-173 new
Amends the Property Tax Code. Creates a property tax
exemption for property that qualifies for special real
property tax relief under the Longtime Owner-Occupant
Property Tax Relief Act. Limits the exemption to the increase
of real property taxes that is due to an increase in the
market value of the property as a consequence of the
refurbishing or renovation of other residences or the
construction of new residences in long-established
residential areas or areas of deteriorated, vacant, or
abandoned homes and properties. Provides that the exemption
may be granted until the longtime owner-occupant transfers
title to the property. Provides that the assessor or chief
county assessment officer may determine the eligibility of
the property to receive the exemption by application,
questionnaire, or other reasonable methods. Provides that the
determination shall be made in accordance with guidelines
established by the Department. Effective immediately.
LRB9011598KDsb
LRB9011598KDsb
1 AN ACT to amend the Property Tax Code by adding Section
2 15-173.
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 adding
6 Section 15-173 as follows:
7 (35 ILCS 200/15-173 new)
8 Sec. 15-173. Gentrification exemption. In addition to
9 any other exemption provided under this Act, homestead
10 property that qualifies for special real property tax relief
11 under the Longtime Owner-Occupant Property Tax Relief Act is
12 entitled to an annual exemption under this Act. The
13 exemption is limited to the increase of real property taxes
14 that is due to an increase in the market value of the
15 property as a consequence of the refurbishing or renovation
16 of other residences or the construction of new residences in
17 long-established residential areas or areas of deteriorated,
18 vacant, or abandoned homes and properties. This exemption
19 may be granted until the longtime owner-occupant transfers
20 title to the property.
21 The assessor or chief county assessment officer may
22 determine the eligibility of the property to receive the
23 exemption provided under this Section by application,
24 questionnaire, or other reasonable methods. The
25 determination shall be made in accordance with guidelines
26 established by the Department.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.