State of Illinois
90th General Assembly
Legislation

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


[ Engrossed ][ Enrolled ][ House Amendment 001 ]

90_SB0515

      30 ILCS 805/8.21 new
      35 ILCS 200/15-180
          Amends the Property Tax  Code  to  increase  the  maximum
      homestead  improvement exemption to $45,000 beginning January
      1, 1998.  Amends  the  State  Mandates  Act  to  exempt  this
      amendatory  Act  from  the  reimbursement requirements of the
      State Mandates Act. Effective immediately.
                                                     LRB9000546DNmb
                                               LRB9000546DNmb
 1        AN ACT in relation to taxation.
 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:
 4        Section  5.  The  State Mandates Act is amended by adding
 5    Section 8.21 as follows:
 6        (30 ILCS 805/8.21 new)
 7        Sec. 8.21. Notwithstanding Sections 6 and 8 of this  Act,
 8    no   reimbursement   by   the   State  is  required  for  the
 9    implementation of any mandate created by this amendatory  Act
10    of 1997.
11        Section  10. The Property Tax Code is amended by changing
12    Section 15-180 as follows:
13        (35 ILCS 200/15-180)
14        Sec.   15-180.    Homestead   improvements.     Homestead
15    properties   that  have  been  improved  are  entitled  to  a
16    homestead improvement exemption, limited to $30,000 per  year
17    through  December  31, 1997, and $45,000 beginning January 1,
18    1998 and thereafter, in fair cash value, when  that  property
19    is  owned  and used exclusively for a residential purpose and
20    upon demonstration that a proposed increase in assessed value
21    is attributable solely to a new improvement  of  an  existing
22    structure.   The  amount of the exemption shall be limited to
23    the fair cash value added by the new  improvement  and  shall
24    continue  for  4  years  from  the  date  the  improvement is
25    completed and occupied, or until the next  following  general
26    assessment of that property, whichever is later.
27        In  counties  of  less  than  3,000,000  inhabitants,  in
28    addition  to  the  notice  requirement under Section 12-30, a
29    supervisor of assessments, county assessor,  or  township  or
                            -2-                LRB9000546DNmb
 1    multi-township  assessor responsible for adding an assessable
 2    improvement to  a  residential  property's  assessment  shall
 3    either  notify  a  taxpayer whose assessment has been changed
 4    since the last preceding assessment that he  or  she  may  be
 5    eligible  for  the  exemption  provided under this Section or
 6    shall grant the exemption automatically.
 7    (Source: P.A. 88-455; 89-595, eff. 1-1-97.)
 8        Section 99.  Effective date.  This Act takes effect  upon
 9    becoming law.

[ Top ]