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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
92_HB1264enr HB1264 Enrolled LRB9203266SMdv 1 AN ACT regarding taxes. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Property Tax Code is amended by changing 5 Section 10-355 and adding Section 10-360 as follows: 6 (35 ILCS 200/10-355) 7 Sec. 10-355. Fraternal organization assessment freeze. 8 (a) For the taxable year 2002 and thereafter, the 9 assessed value of real property owned and used by a fraternal 10 organization that on December 31, 1926 had its national 11 headquarters in Illinois or that was chartered in Illinois in 12July 1896February 1898, or its subordinate organization or 13 entity, that is exempt under Section 501(c)(8) of the 14 Internal Revenue Code and whose members provide, directly or 15 indirectly, financial support for charitable works, which may 16 include medical care, drug rehabilitation, or education, 17 shall be established by the chief county assessment officer 18 as follows: 19 (1) if the property meets the qualifications set 20 forth in this Section on January 1, 2002 and on January 1 21 of each subsequent assessment year, for assessment year 22 2002 and each subsequent assessment year, the final 23 assessed value of the property shall be 15% of the final 24 assessed value of the property for the assessment year 25 2001; or 26 (2) if the property first meets the qualifications 27 set forth in this Section on January 1 of any assessment 28 year after assessment year 2002 and on January 1 of each 29 subsequent assessment year, for that first assessment 30 year and each subsequent assessment year, the final 31 assessed value shall be 15% of the final assessed value HB1264 Enrolled -2- LRB9203266SMdv 1 of the property for the assessment year in which the 2 property first meets the qualifications set forth in this 3 Section. 4 If, in any year, additions or improvements are made to 5 property subject to assessment under this Section and the 6 additions or improvements would increase the assessed value 7 of the property, then 15% of the final assessed value of the 8 additions or improvements shall be added to the final 9 assessed value of the property for the year in which the 10 additions or improvements are completed and for all 11 subsequent years that the property is eligible for assessment 12 under this Section. 13 (b) For purposes of this Section, "final assessed value" 14 means the assessed value after final board of review action. 15 (c) Fraternal organizations whose property is assessed 16 under this Section must annually submit an application to the 17 chief county assessment officer on or before (i) January 31 18 of the assessment year in counties with a population of 19 3,000,000 or more and (ii) December 31 of the assessment year 20 in all other counties. The initial application must contain 21 the information required by the Department of Revenue, which 22 shall prepare the form, including: 23 (1) a copy of the organization's charter from the 24 State of Illinois, if applicable; 25 (2) the location or legal description of the 26 property on which is located the principal building for 27 the organization, including the PIN number, if available; 28 (3) a written instrument evidencing that the 29 organization is the record owner or has a legal or 30 equitable interest in the property; 31 (4) an affidavit that the organization is liable 32 for paying the real property taxes on the property; and 33 (5) the signature of the organization's chief 34 presiding officer. HB1264 Enrolled -3- LRB9203266SMdv 1 Subsequent applications shall include any changes in the 2 initial application and shall affirm the ownership, use, and 3 liability for taxes for the year in which it is submitted. 4 All applications shall be notarized. 5 (d) This Section does not apply to parcels exempt from 6 property taxes under this Code. 7 (Source: P.A. 92-388, eff. 1-1-02.) 8 (35 ILCS 200/10-360 new) 9 Sec. 10-360. Fraternal organization assessment freeze. 10 (a) For the taxable year 2003 and thereafter, the 11 assessed value of real property owned and used by a fraternal 12 organization or its affiliated Illinois not for profit 13 corporation chartered prior to 1920 that is an exempt entity 14 under Section 501(c)(2), 501(c)(8) or 501(c)(10) of the 15 Internal Revenue Code and whose members provide, directly or 16 indirectly, financial support for charitable works, which may 17 include medical care, drug rehabilitation, or education, 18 shall be established by the chief county assessment officer 19 as follows: 20 (1) if the property meets the qualifications set 21 forth in this Section on January 1, 2003 and on January 1 22 of each subsequent assessment year, for assessment year 23 2003 and each subsequent assessment year, the final 24 assessed value of the property shall be 15% of the final 25 assessed value of the property for the assessment year 26 2002; or 27 (2) if the property first meets the qualifications 28 set forth in this Section on January 1 of any assessment 29 year after assessment year 2003 and on January 1 of each 30 subsequent assessment year, for that first assessment 31 year and each subsequent assessment year, the final 32 assessed value shall be 15% of the final assessed value 33 of the property for the assessment year in which the HB1264 Enrolled -4- LRB9203266SMdv 1 property first meets the qualifications set forth in this 2 Section. 3 If, in any year, additions or improvements are made to 4 property subject to assessment under this Section and the 5 additions or improvements would increase the assessed value 6 of the property, then 15% of the final assessed value of the 7 additions or improvements shall be added to the final 8 assessed value of the property for the year in which the 9 additions or improvements are completed and for all 10 subsequent years that the property is eligible for assessment 11 under this Section. 12 (b) For purposes of this Section, "final assessed value" 13 means the assessed value after final board of review action. 14 (c) Fraternal organizations or their affiliated not for 15 profit corporations whose property is assessed under this 16 Section must annually submit an application to the chief 17 county assessment officer on or before (i) January 31 of the 18 assessment year in counties with a population of 3,000,000 or 19 more and (ii) December 31 of the assessment year in all other 20 counties. The initial application must contain the 21 information required by the Department of Revenue, which 22 shall prepare the form, including: 23 (1) the location or legal description of the 24 property on which is located the principal building for 25 the organization, including the PIN number, if available; 26 (2) a written instrument evidencing that the 27 organization or not for profit corporation is the record 28 owner or has a legal or equitable interest in the 29 property; 30 (3) an affidavit that the organization or not for 31 profit corporation is liable for paying the real property 32 taxes on the property; and 33 (4) the signature of the organization's or not for 34 profit corporation's chief presiding officer. HB1264 Enrolled -5- LRB9203266SMdv 1 Subsequent applications shall include any changes in the 2 initial application and shall affirm the ownership, use, and 3 liability for taxes for the year in which it is submitted. 4 All applications shall be notarized. 5 (d) This Section does not apply to parcels exempt from 6 property taxes under this Code. 7 Section 99. Effective date. This Act takes effect upon 8 becoming law.