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90_SB0937eng 35 ILCS 200/15-175 Amends the Property Tax Code. Provides that a homestead exemption shall be granted that is limited to a reduction in the equalized assessed value of homestead property equal to $4,500 in counties with 3,000,000 or more inhabitants and $3,500 in all other counties. Provides that this exemption shall not reduce the value of homestead property to less than 50% of its current equalized assessed value. Deletes language basing the exemption on the increase in assessed value for the current year above the equalized assessed value of the property for 1977 up to the maximum reduction. Provides that the reduction (now maximum reduction) for land with certain improvements is limited to the reduction for property without certain improvements multiplied by certain factors. Provides that in no case may the value of an apartment building owned and operated as a cooperative or a building that is a life care facility be reduced to less than 50% of its current equalized assessed value by this exemption. LRB9001279DNmb SB937 Engrossed LRB9001279DNmb 1 AN ACT to amend the Property Tax Code by changing Section 2 15-175. 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 15-175 as follows: 7 (35 ILCS 200/15-175) 8 Sec. 15-175. General homestead exemption. Homestead 9 property is entitled to an annual homestead exemption 10 limited, except as described here with relation to 11 cooperatives, to a reduction in the equalized assessed value 12 of homestead property equal tothe increase in equalized13assessed value for the current assessment year above the14equalized assessed value of the property for 1977, up to the15maximum reduction set forth below. If however, the 197716equalized assessed value upon which taxes were paid is17subsequently determined by local assessing officials, the18Property Tax Appeal Board, or a court to have been excessive,19the equalized assessed value which should have been placed on20the property for 1977 shall be used to determine the amount21of the exemption.22The maximum reduction shall be$4,500 in counties with 23 3,000,000 or more inhabitants and $3,500 in all other 24 counties. However, the value of homestead property shall not 25 be reduced to less than 50% of its current equalized assessed 26 value. 27 "Homestead property" under this Section includes 28 residential property that is occupied by its owner or owners 29 as his or their principal dwelling place, or that is a 30 leasehold interest on which a single family residence is 31 situated, which is occupied as a residence by a person who SB937 Engrossed -2- LRB9001279DNmb 1 has an ownership interest therein, legal or equitable or as a 2 lessee, and on which the person is liable for the payment of 3 property taxes. For land improved with an apartment building 4 owned and operated as a cooperative or a building which is a 5 life care facility as defined in Section 15-170 and 6 considered to be a cooperative under Section 15-170, the 7maximumreduction from the equalized assessed value shall be 8 limited to theincrease in the value above the equalized9assessed value of the property for 1977, up to the maximum10 reduction set forth above, multiplied by the number of 11 apartments or units occupied by a person or persons who is 12 liable, by contract with the owner or owners of record, for 13 paying property taxes on the property and is an owner of 14 record of a legal or equitable interest in the cooperative 15 apartment building, other than a leasehold interest. However, 16 the value of an apartment building owned and operated as a 17 cooperative or a building that is a life care facility and 18 qualifies as a cooperative shall not be reduced to less than 19 50% of its current equalized assessed value by this 20 exemption. For purposes of this Section, the term "life care 21 facility" has the meaning stated in Section 15-170. 22 In a cooperative where a homestead exemption has been 23 granted, the cooperative association or its management firm 24 shall credit the savings resulting from that exemption only 25 to the apportioned tax liability of the owner who qualified 26 for the exemption. Any person who willfully refuses to so 27 credit the savings shall be guilty of a Class B misdemeanor. 28 Where married persons maintain and reside in separate 29 residences qualifying as homestead property, each residence 30 shall receive 50% of the total reduction in equalized 31 assessed valuation provided by this Section. 32 The assessor, or chief county assessment officer may 33 determine the eligibility of residential property to receive 34 the homestead exemption by application, visual inspection, SB937 Engrossed -3- LRB9001279DNmb 1 questionnaire or other reasonable methods. The determination 2 shall be made in accordance with guidelines established by 3 the Department. In counties with less than 3,000,000 4 inhabitants, if an application is used to determine 5 eligibility, the application shall be mailed to any taxpayer 6 over 65 years of age who has once applied for and been 7 granted an exemption under this Section. 8 (Source: P.A. 87-894; 87-1189; 88-455.)