State of Illinois
90th General Assembly
Legislation

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[ Introduced ][ House Amendment 001 ]

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.
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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  to  the  increase  in  equalized
13    assessed  value  for  the  current  assessment year above the
14    equalized assessed value of the property for 1977, up to  the
15    maximum  reduction  set  forth  below.  If  however, the 1977
16    equalized assessed  value  upon  which  taxes  were  paid  is
17    subsequently  determined  by  local  assessing officials, the
18    Property Tax Appeal Board, or a court to have been excessive,
19    the equalized assessed value which should have been placed on
20    the property for 1977 shall be used to determine  the  amount
21    of the exemption.
22        The  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
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 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
 7    maximum  reduction from the equalized assessed value shall be
 8    limited to the increase in  the  value  above  the  equalized
 9    assessed  value  of  the property for 1977, up to the maximum
10    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,
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 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.)

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