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91_HB1552
LRB9104894PTpk
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 For taxable years before the 1999 taxable year, the
23 maximum reduction shall be $4,500 in counties with 3,000,000
24 or more inhabitants and $3,500 in all other counties.
25 Beginning with the 1999 taxable year, the maximum reduction
26 shall be $4,500 in all counties.
27 In counties with fewer than 3,000,000 inhabitants, if,
28 based on the most recent assessment, the equalized assessed
29 value of the homestead property for the current assessment
30 year is greater than the equalized assessed value of the
31 property for 1977, the owner of the property shall
-2- LRB9104894PTpk
1 automatically receive the exemption granted under this
2 Section in an amount equal to the increase over the 1977
3 assessment up to the maximum reduction set forth in this
4 Section.
5 "Homestead property" under this Section includes
6 residential property that is occupied by its owner or owners
7 as his or their principal dwelling place, or that is a
8 leasehold interest on which a single family residence is
9 situated, which is occupied as a residence by a person who
10 has an ownership interest therein, legal or equitable or as a
11 lessee, and on which the person is liable for the payment of
12 property taxes. For land improved with an apartment building
13 owned and operated as a cooperative or a building which is a
14 life care facility as defined in Section 15-170 and
15 considered to be a cooperative under Section 15-170, the
16 maximum reduction from the equalized assessed value shall be
17 limited to the increase in the value above the equalized
18 assessed value of the property for 1977, up to the maximum
19 reduction set forth above, multiplied by the number of
20 apartments or units occupied by a person or persons who is
21 liable, by contract with the owner or owners of record, for
22 paying property taxes on the property and is an owner of
23 record of a legal or equitable interest in the cooperative
24 apartment building, other than a leasehold interest. For
25 purposes of this Section, the term "life care facility" has
26 the meaning stated in Section 15-170.
27 In a cooperative where a homestead exemption has been
28 granted, the cooperative association or its management firm
29 shall credit the savings resulting from that exemption only
30 to the apportioned tax liability of the owner who qualified
31 for the exemption. Any person who willfully refuses to so
32 credit the savings shall be guilty of a Class B misdemeanor.
33 Where married persons maintain and reside in separate
34 residences qualifying as homestead property, each residence
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1 shall receive 50% of the total reduction in equalized
2 assessed valuation provided by this Section.
3 In counties with more than 3,000,000 inhabitants, the
4 assessor or chief county assessment officer may determine the
5 eligibility of residential property to receive the homestead
6 exemption by application, visual inspection, questionnaire or
7 other reasonable methods. The determination shall be made in
8 accordance with guidelines established by the Department. In
9 counties with fewer than 3,000,000 inhabitants, in the event
10 of a sale of homestead property the homestead exemption shall
11 remain in effect for the remainder of the assessment year of
12 the sale. The assessor or chief county assessment officer
13 may require the new owner of the property to apply for the
14 homestead exemption for the following assessment year.
15 (Source: P.A. 90-368, eff. 1-1-98; 90-552, eff. 12-12-97;
16 90-655, eff. 7-30-98.)
17 Section 99. Effective date. This Act takes effect upon
18 becoming law.