[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
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 inhabitantsand $3,500 in all other6counties. 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.)".