State of Illinois
92nd General Assembly
Legislation

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


[ Introduced ][ Engrossed ][ House Amendment 001 ]
[ House Amendment 002 ][ House Amendment 003 ][ House Amendment 004 ]
[ House Amendment 005 ][ House Amendment 006 ][ House Amendment 007 ]
[ House Amendment 008 ][ House Amendment 010 ][ Senate Amendment 001 ]


92_SB0022ham009

 










                                           LRB9201505SMdvam03

 1                     AMENDMENT TO SENATE BILL 22

 2        AMENDMENT NO.     .  Amend Senate Bill 22, AS AMENDED, by
 3    replacing the title with the following:
 4        "AN ACT concerning public institutions."; and

 5    by replacing the introductory clause of Section  5  with  the
 6    following:

 7        "Section 5.  The Property Tax Code is amended by changing
 8    Sections  15-175  and  18-185 and by adding Sections 18-190.5
 9    and 18-201 as follows:

10        (35 ILCS 200/15-175)
11        Sec. 15-175.   General  homestead  exemption.   Homestead
12    property   is  entitled  to  an  annual  homestead  exemption
13    limited,  except  as  described   here   with   relation   to
14    cooperatives,  to a reduction in the equalized assessed value
15    of homestead property equal  to  the  increase  in  equalized
16    assessed  value  for  the  current  assessment year above the
17    equalized assessed value of the property for 1977, up to  the
18    maximum  reduction  set  forth  below.  If  however, the 1977
19    equalized assessed  value  upon  which  taxes  were  paid  is
20    subsequently  determined  by  local  assessing officials, the
21    Property Tax Appeal Board, or a court to have been excessive,
 
                            -2-            LRB9201505SMdvam03
 1    the equalized assessed value which should have been placed on
 2    the property for 1977 shall be used to determine  the  amount
 3    of the exemption.
 4        The  maximum  reduction  shall be $4,500 in counties with
 5    3,000,000  or  more  inhabitants  and  $3,500  in  all  other
 6    counties. In all other counties the maximum  reduction  shall
 7    be  $3,500  for  taxable years 2001 and before and $4,500 for
 8    taxable years 2002 and thereafter.
 9        In counties with fewer than  3,000,000  inhabitants,  if,
10    based  on  the most recent assessment, the equalized assessed
11    value of the homestead property for  the  current  assessment
12    year  is  greater  than  the  equalized assessed value of the
13    property  for  1977,  the  owner  of   the   property   shall
14    automatically   receive  the  exemption  granted  under  this
15    Section in an amount equal to  the  increase  over  the  1977
16    assessment  up  to  the  maximum  reduction set forth in this
17    Section.
18        If  in  any  assessment  year  beginning  with  the  2000
19    assessment year, homestead property has a pro-rata  valuation
20    under  Section 9-180 resulting in an increase in the assessed
21    valuation, a reduction in equalized assessed valuation  equal
22    to  the  increase in equalized assessed value of the property
23    for the year of the pro-rata valuation  above  the  equalized
24    assessed  value  of the property for 1977 shall be applied to
25    the property on a proportionate  basis  for  the  period  the
26    property   qualified   as   homestead   property  during  the
27    assessment  year.   The   maximum   proportionate   homestead
28    exemption  shall  not  exceed the maximum homestead exemption
29    allowed in the county under this Section divided by  365  and
30    multiplied  by  the  number of days the property qualified as
31    homestead property.
32        "Homestead  property"   under   this   Section   includes
33    residential  property that is occupied by its owner or owners
34    as his or their  principal  dwelling  place,  or  that  is  a
 
                            -3-            LRB9201505SMdvam03
 1    leasehold  interest  on  which  a  single family residence is
 2    situated, which is occupied as a residence by  a  person  who
 3    has an ownership interest therein, legal or equitable or as a
 4    lessee,  and on which the person is liable for the payment of
 5    property taxes. For land improved with an apartment  building
 6    owned  and operated as a cooperative or a building which is a
 7    life  care  facility  as  defined  in  Section   15-170   and
 8    considered  to  be  a  cooperative  under Section 15-170, the
 9    maximum reduction from the equalized assessed value shall  be
10    limited  to  the  increase  in  the value above the equalized
11    assessed value of the property for 1977, up  to  the  maximum
12    reduction  set  forth  above,  multiplied  by  the  number of
13    apartments or units occupied by a person or  persons  who  is
14    liable,  by  contract with the owner or owners of record, for
15    paying property taxes on the property  and  is  an  owner  of
16    record  of  a  legal or equitable interest in the cooperative
17    apartment building, other  than  a  leasehold  interest.  For
18    purposes  of  this Section, the term "life care facility" has
19    the meaning stated in Section 15-170.
20        In a cooperative where a  homestead  exemption  has  been
21    granted,  the  cooperative association or its management firm
22    shall credit the savings resulting from that  exemption  only
23    to  the  apportioned tax liability of the owner who qualified
24    for the exemption.  Any person who willfully  refuses  to  so
25    credit the savings shall be guilty of a Class B misdemeanor.
26        Where  married  persons  maintain  and reside in separate
27    residences qualifying as homestead property,  each  residence
28    shall  receive  50%  of  the  total  reduction  in  equalized
29    assessed valuation provided by this Section.
30        In  counties  with  more  than 3,000,000 inhabitants, the
31    assessor or chief county assessment officer may determine the
32    eligibility of residential property to receive the  homestead
33    exemption by application, visual inspection, questionnaire or
34    other reasonable methods.  The determination shall be made in
 
                            -4-            LRB9201505SMdvam03
 1    accordance with guidelines established by the Department.  In
 2    counties  with fewer than 3,000,000 inhabitants, in the event
 3    of a sale of homestead property the homestead exemption shall
 4    remain in effect for the remainder of the assessment year  of
 5    the  sale.   The  assessor or chief county assessment officer
 6    may require the new owner of the property to  apply  for  the
 7    homestead exemption for the following assessment year.
 8    (Source: P.A.  90-368,  eff.  1-1-98;  90-552, eff. 12-12-97;
 9    90-655, eff. 7-30-98; 91-346, eff. 7-29-99.)".

[ Top ]