State of Illinois
92nd General Assembly
Legislation

   [ Search ]   [ PDF text ]   [ Legislation ]   
[ Home ]   [ Back ]   [ Bottom ]


[ Introduced ][ Engrossed ][ House Amendment 001 ]
[ House Amendment 002 ][ House Amendment 004 ][ House Amendment 005 ]
[ House Amendment 006 ][ House Amendment 007 ][ House Amendment 008 ]
[ House Amendment 009 ][ House Amendment 010 ][ Senate Amendment 001 ]


92_SB0022ham003











                                           LRB9201505NTsbam09

 1                     AMENDMENT TO SENATE BILL 22

 2        AMENDMENT NO.     .  Amend Senate Bill 22 on page 1, line
 3    1, by replacing "education" with "public institutions"; and

 4    on page 1, line 5,  by  replacing  "Section"  with  "Sections
 5    15-175 and"; and

 6    on  page  1,  immediately  below  line  5,  by  inserting the
 7    following:

 8        "(35 ILCS 200/15-175)
 9        Sec. 15-175.   General  homestead  exemption.   Homestead
10    property   is  entitled  to  an  annual  homestead  exemption
11    limited,  except  as  described   here   with   relation   to
12    cooperatives,  to a reduction in the equalized assessed value
13    of homestead property equal  to  the  increase  in  equalized
14    assessed  value  for  the  current  assessment year above the
15    equalized assessed value of the property for 1977, up to  the
16    maximum  reduction  set  forth  below.  If  however, the 1977
17    equalized assessed  value  upon  which  taxes  were  paid  is
18    subsequently  determined  by  local  assessing officials, the
19    Property Tax Appeal Board, or a court to have been excessive,
20    the equalized assessed value which should have been placed on
21    the property for 1977 shall be used to determine  the  amount
22    of the exemption.
 
                            -2-            LRB9201505NTsbam09
 1        The  maximum  reduction  shall be $4,500 in counties with
 2    3,000,000  or  more  inhabitants  and  $3,500  in  all  other
 3    counties. In all other counties the maximum  reduction  shall
 4    be  $3,500  for  taxable years 2000 and before and $5,000 for
 5    taxable years 2001 and thereafter.
 6        In counties with fewer than  3,000,000  inhabitants,  if,
 7    based  on  the most recent assessment, the equalized assessed
 8    value of the homestead property for  the  current  assessment
 9    year  is  greater  than  the  equalized assessed value of the
10    property  for  1977,  the  owner  of   the   property   shall
11    automatically   receive  the  exemption  granted  under  this
12    Section in an amount equal to  the  increase  over  the  1977
13    assessment  up  to  the  maximum  reduction set forth in this
14    Section.
15        If  in  any  assessment  year  beginning  with  the  2000
16    assessment year, homestead property has a pro-rata  valuation
17    under  Section 9-180 resulting in an increase in the assessed
18    valuation, a reduction in equalized assessed valuation  equal
19    to  the  increase in equalized assessed value of the property
20    for the year of the pro-rata valuation  above  the  equalized
21    assessed  value  of the property for 1977 shall be applied to
22    the property on a proportionate  basis  for  the  period  the
23    property   qualified   as   homestead   property  during  the
24    assessment  year.   The   maximum   proportionate   homestead
25    exemption  shall  not  exceed the maximum homestead exemption
26    allowed in the county under this Section divided by  365  and
27    multiplied  by  the  number of days the property qualified as
28    homestead property.
29        "Homestead  property"   under   this   Section   includes
30    residential  property that is occupied by its owner or owners
31    as his or their  principal  dwelling  place,  or  that  is  a
32    leasehold  interest  on  which  a  single family residence is
33    situated, which is occupied as a residence by  a  person  who
34    has an ownership interest therein, legal or equitable or as a
 
                            -3-            LRB9201505NTsbam09
 1    lessee,  and on which the person is liable for the payment of
 2    property taxes. For land improved with an apartment  building
 3    owned  and operated as a cooperative or a building which is a
 4    life  care  facility  as  defined  in  Section   15-170   and
 5    considered  to  be  a  cooperative  under Section 15-170, the
 6    maximum reduction from the equalized assessed value shall  be
 7    limited  to  the  increase  in  the value above the equalized
 8    assessed value of the property for 1977, up  to  the  maximum
 9    reduction  set  forth  above,  multiplied  by  the  number of
10    apartments or units occupied by a person or  persons  who  is
11    liable,  by  contract with the owner or owners of record, for
12    paying property taxes on the property  and  is  an  owner  of
13    record  of  a  legal or equitable interest in the cooperative
14    apartment building, other  than  a  leasehold  interest.  For
15    purposes  of  this Section, the term "life care facility" has
16    the meaning stated in Section 15-170.
17        In a cooperative where a  homestead  exemption  has  been
18    granted,  the  cooperative association or its management firm
19    shall credit the savings resulting from that  exemption  only
20    to  the  apportioned tax liability of the owner who qualified
21    for the exemption.  Any person who willfully  refuses  to  so
22    credit the savings shall be guilty of a Class B misdemeanor.
23        Where  married  persons  maintain  and reside in separate
24    residences qualifying as homestead property,  each  residence
25    shall  receive  50%  of  the  total  reduction  in  equalized
26    assessed valuation provided by this Section.
27        In  counties  with  more  than 3,000,000 inhabitants, the
28    assessor or chief county assessment officer may determine the
29    eligibility of residential property to receive the  homestead
30    exemption by application, visual inspection, questionnaire or
31    other reasonable methods.  The determination shall be made in
32    accordance with guidelines established by the Department.  In
33    counties  with fewer than 3,000,000 inhabitants, in the event
34    of a sale of homestead property the homestead exemption shall
 
                            -4-            LRB9201505NTsbam09
 1    remain in effect for the remainder of the assessment year  of
 2    the  sale.   The  assessor or chief county assessment officer
 3    may require the new owner of the property to  apply  for  the
 4    homestead exemption for the following assessment year.
 5    (Source: P.A.  90-368,  eff.  1-1-98;  90-552, eff. 12-12-97;
 6    90-655, eff. 7-30-98; 91-346, eff. 7-29-99.)".

[ Top ]