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[ 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.