O'MALLEY-FARLEY-FITZGERALD AND DILLARD.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
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