90th General Assembly
Summary of SB0515
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Short description: 
PROP TAX HOMESTEAD IMPROVEMENT                                             

Synopsis of Bill as introduced:
        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      
          FISCAL NOTE (Dept. of Revenue)                                       
          SB 515 does not have a fiscal impact on this Dept.                   
          STATE MANDATES FISCAL NOTE (DCCA)                                    
          SB 515 creates a "tax exemption mandate". No reimbursement is        
          required due to a statutory provision exempting the exemption        
          and future changes to it from the reimbursement provisions of        
          the State Mandates Act.                                              
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          30 ILCS 805/8.21 new                                                 
          35 ILCS 200/15-180                                                   
          Adds reference to:                                                   
          30 ILCS 805/8.22 new                                                 
          35 ILCS 200/18-165                                                   
          35 ILCS 200/18-185                                                   
          70 ILCS 2605/8                  from Ch. 42, par. 327                
        Deletes everything.  Amends the Property Tax Code. Provides  that      
   any  taxing district, upon a majority vote of its governing authority,      
   may order the county clerk to abate  the  taxes  on  property  devoted      
   exclusively  to  affordable housing for older persons.  Defines "older      
   households" as those households (i) that qualify as "housing for older      
   persons" under the Illinois Human Rights Act  and  (ii)  whose  annual      
   income does not exceed 80% of the area gross median income. Amends the      
   Property  Tax  Extension  Limitation  Law  in  the  Property Tax Code.      
   Provides that for the taxes extended  for  the  1997  levy  year,  the      
   recovered tax increment value for a non-home rule taxing district that      
   first  became  subject  to  this  Law for the 1995 levy year because a      
   majority of its 1994 equalized assessed value was in an affected  area      
   shall  be  increased if a municipality terminated the designation of a      
   redevelopment project area in 1993 by an  amount  equal  to  the  1994      
   equalized assessed value of each taxable piece of real property in the      
   area  over  and  above  the  initial  equalized  assessed value of the      
   property. Amends the  Metropolitan  Water  Reclamation  District  Act.      
   Allows  a  sanitary  district to deposit additional surplus funds into      
   the Local  Improvement  Revolving  Loan  Fund.   Allows  the  sanitary      
   district  to make loans from the Local Improvement Revolving Loan Fund      
   to  municipalities  and  other  units  of   local   government   (now,      
   municipalities) to rehabilitate the local sewerage systems. Amends the      
   State  Mandates  Act  to require implementation without reimbursement.      
   Makes provisions severable.                                                 
Last action on Bill: PUBLIC ACT.............................. 90-0568

   Last action date: 98-01-23

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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