92nd General Assembly
Summary of HB0223
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House Sponsors:

Short description: 
PROP TAX FREEZE-FRATERNAL ORGS                                             

Synopsis of Bill as introduced:
        Amends the Property Tax Code.  Provides  that,  for  the  taxable      
   year  2002  and  thereafter, the assessed value of real property owned      
   and used by certain  fraternal  organizations,  or  their  subordinate      
   organizations  or  entities,  that  are  exempt entities under Section      
   501(c)(8) of the Internal  Revenue  Code  and  whose  members  provide      
   support  for charitable works shall be established by the chief county      
   assessment officer at 15% of the final assessed value of the  property      
   for   the   assessment  year  2001,  or  if  the  property  meets  the      
   qualifications for the reduced assessment after assessment year  2002,      
   the  final  assessed value shall be 15% of the final assessed value of      
   the property for the assessment year in which the property first meets      
   the qualifications.  Effective January 1, 2002.                             
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that certain fraternal organizations  that  on  December      
   31,  1926  had  their  national  headquarters in Illinois or that were      
   chartered in Illinois in July of 1896 may qualify for the property tax      
          FISCAL NOTE (Department of Revenue)                                  
          HB 223 does not create a fiscal impact to the State, but could       
          result in a significant loss in property tax receipts for local      
          taxing districts.                                                    
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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