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92_SB1606eng SB1606 Engrossed LRB9212712SMdv 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 Senior Citizens Real Estate Tax Deferral 5 Act is amended by changing Section 2 as follows: 6 (320 ILCS 30/2) (from Ch. 67 1/2, par. 452) 7 Sec. 2. Definitions. As used in this Act: 8 (a) "Taxpayer" means an individual whose household 9 income for the year is no greater than $40,000$25,000. 10 (b) "Tax deferred property" means the property upon 11 which real estate taxes are deferred under this Act. 12 (c) "Homestead" means the land and buildings thereon, 13 including a condominium or a dwelling unit in a multidwelling 14 building that is owned and operated as a cooperative, 15 occupied by the taxpayer as his residence or which are 16 temporarily unoccupied by the taxpayer because such taxpayer 17 is temporarily residing, for not more than 1 year, in a 18 licensed facility as defined in Section 1-113 of the Nursing 19 Home Care Act. 20 (d) "Real estate taxes" or "taxes" means the taxes on 21 real property for which the taxpayer would be liable under 22 the Property Tax Code, including special service area taxes, 23 and special assessments on benefited real property for which 24 the taxpayer would be liable to a unit of local government. 25 (e) "Department" means the Department of Revenue. 26 (f) "Qualifying property" means a homestead which (a) 27 the taxpayer or the taxpayer and his spouse own in fee simple 28 or are purchasing in fee simple under a recorded instrument 29 of sale, (b) is not income-producing property, (c) is not 30 subject to a lien for unpaid real estate taxes when a claim 31 under this Act is filed. SB1606 Engrossed -2- LRB9212712SMdv 1 (g) "Equity interest" means the current assessed 2 valuation of the qualified property times the fraction 3 necessary to convert that figure to full market value minus 4 any outstanding debts or liens on that property. In the case 5 of qualifying property not having a separate assessed 6 valuation, the appraised value as determined by a qualified 7 real estate appraiser shall be used instead of the current 8 assessed valuation. 9 (h) "Household income" has the meaning ascribed to that 10 term in the Senior Citizens and Disabled Persons Property Tax 11 Relief and Pharmaceutical Assistance Act. 12 (i) "Collector" means the county collector or, if the 13 taxes to be deferred are special assessments, an official 14 designated by a unit of local government to collect special 15 assessments. 16 (Source: P.A. 88-268; 88-509; 88-670, eff. 12-2-94.) 17 Section 99. Effective date. This Act takes effect on 18 January 1, 2003.