[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
[ Introduced ] | [ Engrossed ] | [ Enrolled ] |
92_HB1264sam001 SRS92HB1264NDcpam03 1 AMENDMENT TO HOUSE BILL 1264 2 AMENDMENT NO. . Amend House Bill 1264 by replacing 3 everything after the enacting clause with the following: 4 "Section 5. The Property Tax Code is amended by changing 5 Section 355 and adding Section 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 -2- SRS92HB1264NDcpam03 1 assessed value of the property shall be 15% of the final 2 assessed value of the property for the assessment year 3 2001; or 4 (2) if the property first meets the qualifications 5 set forth in this Section on January 1 of any assessment 6 year after assessment year 2002 and on January 1 of each 7 subsequent assessment year, for that first assessment 8 year and each subsequent assessment year, the final 9 assessed value shall be 15% of the final assessed value 10 of the property for the assessment year in which the 11 property first meets the qualifications set forth in this 12 Section. 13 If, in any year, additions or improvements are made to 14 property subject to assessment under this Section and the 15 additions or improvements would increase the assessed value 16 of the property, then 15% of the final assessed value of the 17 additions or improvements shall be added to the final 18 assessed value of the property for the year in which the 19 additions or improvements are completed and for all 20 subsequent years that the property is eligible for assessment 21 under this Section. 22 (b) For purposes of this Section, "final assessed value" 23 means the assessed value after final board of review action. 24 (c) Fraternal organizations whose property is assessed 25 under this Section must annually submit an application to the 26 chief county assessment officer on or before (i) January 31 27 of the assessment year in counties with a population of 28 3,000,000 or more and (ii) December 31 of the assessment year 29 in all other counties. The initial application must contain 30 the information required by the Department of Revenue, which 31 shall prepare the form, including: 32 (1) a copy of the organization's charter from the 33 State of Illinois, if applicable; 34 (2) the location or legal description of the -3- SRS92HB1264NDcpam03 1 property on which is located the principal building for 2 the organization, including the PIN number, if available; 3 (3) a written instrument evidencing that the 4 organization is the record owner or has a legal or 5 equitable interest in the property; 6 (4) an affidavit that the organization is liable 7 for paying the real property taxes on the property; and 8 (5) the signature of the organization's chief 9 presiding officer. 10 Subsequent applications shall include any changes in the 11 initial application and shall affirm the ownership, use, and 12 liability for taxes for the year in which it is submitted. 13 All applications shall be notarized. 14 (d) This Section does not apply to parcels exempt from 15 property taxes under this Code. 16 (Source: P.A. 92-388, eff. 1-1-02.) 17 (35 ILCS 200/10-360 new) 18 Sec. 10-360. Fraternal organization assessment freeze. 19 (a) For the taxable year 2003 and thereafter, the 20 assessed value of real property owned and used by a fraternal 21 organization or its affiliated Illinois not for profit 22 corporation chartered prior to 1920 that is an exempt entity 23 under Section 501(c)(2), 501(c)(8) or 501(c)(10) of the 24 Internal Revenue Code and whose members provide, directly or 25 indirectly, financial support for charitable works, which may 26 include medical care, drug rehabilitation, or education, 27 shall be established by the chief county assessment officer 28 as follows: 29 (1) if the property meets the qualifications set 30 forth in this Section on January 1, 2003 and on January 1 31 of each subsequent assessment year, for assessment year 32 2003 and each subsequent assessment year, the final 33 assessed value of the property shall be 15% of the final -4- SRS92HB1264NDcpam03 1 assessed value of the property for the assessment year 2 2002; or 3 (2) if the property first meets the qualifications 4 set forth in this Section on January 1 of any assessment 5 year after assessment year 2003 and on January 1 of each 6 subsequent assessment year, for that first assessment 7 year and each subsequent assessment year, the final 8 assessed value shall be 15% of the final assessed value 9 of the property for the assessment year in which the 10 property first meets the qualifications set forth in this 11 Section. 12 If, in any year, additions or improvements are made to 13 property subject to assessment under this Section and the 14 additions or improvements would increase the assessed value 15 of the property, then 15% of the final assessed value of the 16 additions or improvements shall be added to the final 17 assessed value of the property for the year in which the 18 additions or improvements are completed and for all 19 subsequent years that the property is eligible for assessment 20 under this Section. 21 (b) For purposes of this Section, "final assessed value" 22 means the assessed value after final board of review action. 23 (c) Fraternal organizations or their affiliated not for 24 profit corporations whose property is assessed under this 25 Section must annually submit an application to the chief 26 county assessment officer on or before (i) January 31 of the 27 assessment year in counties with a population of 3,000,000 or 28 more and (ii) December 31 of the assessment year in all other 29 counties. The initial application must contain the 30 information required by the Department of Revenue, which 31 shall prepare the form, including: 32 (1) the location or legal description of the 33 property on which is located the principal building for 34 the organization, including the PIN number, if available; -5- SRS92HB1264NDcpam03 1 (2) a written instrument evidencing that the 2 organization or not for profit corporation is the record 3 owner or has a legal or equitable interest in the 4 property; 5 (3) an affidavit that the organization or not for 6 profit corporation is liable for paying the real property 7 taxes on the property; and 8 (4) the signature of the organization's or not for 9 profit corporation's chief presiding officer. 10 Subsequent applications shall include any changes in the 11 initial application and shall affirm the ownership, use, and 12 liability for taxes for the year in which it is submitted. 13 All applications shall be notarized. 14 (d) This Section does not apply to parcels exempt from 15 property taxes under this Code. 16 Section 99. Effective date. This Act takes effect upon 17 becoming law.".