State of Illinois
92nd General Assembly
Legislation

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92_SB0713

 
                                               LRB9208029SMdv

 1        AN ACT in relation to 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 15-175 as follows:

 6        (35 ILCS 200/15-175)
 7        Sec.  15-175.   General  homestead  exemption.  Homestead
 8    property  is  entitled  to  an  annual  homestead   exemption
 9    limited,  except  as  described  in  this  Section  here with
10    relation to cooperatives, to a  reduction  in  the  equalized
11    assessed value of homestead property equal to the increase in
12    equalized  assessed  value  for  the  current assessment year
13    above the equalized assessed value of the property for  1977,
14    up  to the maximum reduction set forth below. If however, the
15    1977 equalized assessed value upon which taxes were  paid  is
16    subsequently  determined  by  local  assessing officials, the
17    Property Tax Appeal Board, or a court to have been excessive,
18    the equalized assessed value which should have been placed on
19    the property for 1977 shall be used to determine  the  amount
20    of the exemption.
21        The  maximum  reduction  shall be $4,500 in counties with
22    3,000,000  or  more  inhabitants  and  $3,500  in  all  other
23    counties.
24        In counties with fewer than  3,000,000  inhabitants,  if,
25    based  on  the most recent assessment, the equalized assessed
26    value of the homestead property for  the  current  assessment
27    year  is  greater  than  the  equalized assessed value of the
28    property  for  1977,  the  owner  of   the   property   shall
29    automatically   receive  the  exemption  granted  under  this
30    Section in an amount equal to  the  increase  over  the  1977
31    assessment  up  to  the  maximum  reduction set forth in this
 
                            -2-                LRB9208029SMdv
 1    Section.
 2        If  in  any  assessment  year  beginning  with  the  2000
 3    assessment year, homestead property has a pro-rata  valuation
 4    under  Section 9-180 resulting in an increase in the assessed
 5    valuation, a reduction in equalized assessed valuation  equal
 6    to  the  increase in equalized assessed value of the property
 7    for the year of the pro-rata valuation  above  the  equalized
 8    assessed  value  of the property for 1977 shall be applied to
 9    the property on a proportionate  basis  for  the  period  the
10    property   qualified   as   homestead   property  during  the
11    assessment  year.   The   maximum   proportionate   homestead
12    exemption  shall  not  exceed the maximum homestead exemption
13    allowed in the county under this Section divided by  365  and
14    multiplied  by  the  number of days the property qualified as
15    homestead property.
16        "Homestead  property"   under   this   Section   includes
17    residential  property that is occupied by its owner or owners
18    as his or their  principal  dwelling  place,  or  that  is  a
19    leasehold  interest  on  which  a  single family residence is
20    situated, which is occupied as a residence by  a  person  who
21    has an ownership interest therein, legal or equitable or as a
22    lessee,  and on which the person is liable for the payment of
23    property taxes. For land improved with an apartment  building
24    owned  and operated as a cooperative or a building which is a
25    life  care  facility  as  defined  in  Section   15-170   and
26    considered  to  be  a  cooperative  under Section 15-170, the
27    maximum reduction from the equalized assessed value shall  be
28    limited  to  the  increase  in  the value above the equalized
29    assessed value of the property for 1977, up  to  the  maximum
30    reduction  set  forth  above,  multiplied  by  the  number of
31    apartments or units occupied by a person or  persons  who  is
32    liable,  by  contract with the owner or owners of record, for
33    paying property taxes on the property  and  is  an  owner  of
34    record  of  a  legal or equitable interest in the cooperative
 
                            -3-                LRB9208029SMdv
 1    apartment building, other  than  a  leasehold  interest.  For
 2    purposes  of  this Section, the term "life care facility" has
 3    the meaning stated in Section 15-170.
 4        In a cooperative where a  homestead  exemption  has  been
 5    granted,  the  cooperative association or its management firm
 6    shall credit the savings resulting from that  exemption  only
 7    to  the  apportioned tax liability of the owner who qualified
 8    for the exemption.  Any person who willfully  refuses  to  so
 9    credit the savings shall be guilty of a Class B misdemeanor.
10        Where  married  persons  maintain  and reside in separate
11    residences qualifying as homestead property,  each  residence
12    shall  receive  50%  of  the  total  reduction  in  equalized
13    assessed valuation provided by this Section.
14        In  counties  with  more  than 3,000,000 inhabitants, the
15    assessor or chief county assessment officer may determine the
16    eligibility of residential property to receive the  homestead
17    exemption by application, visual inspection, questionnaire or
18    other reasonable methods.  The determination shall be made in
19    accordance with guidelines established by the Department.  In
20    counties  with fewer than 3,000,000 inhabitants, in the event
21    of a sale of homestead property the homestead exemption shall
22    remain in effect for the remainder of the assessment year  of
23    the  sale.   The  assessor or chief county assessment officer
24    may require the new owner of the property to  apply  for  the
25    homestead exemption for the following assessment year.
26    (Source: P.A.  90-368,  eff.  1-1-98;  90-552, eff. 12-12-97;
27    90-655, eff. 7-30-98; 91-346, eff. 7-29-99.)

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