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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 Sectionherewith 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.)