Synopsis of Bill as introduced:
Amends the Code of Civil Procedure. Makes technical changes in
the short title Section.
SENATE AMENDMENT NO. 1.
Deletes reference to:
735 ILCS 5/1-101
Adds reference to:
735 ILCS 5/12-901
Deletes everything. Amends the Code of Civil Procedure. Increases
the allowable amount of an estate of homestead from $7,500 to $30,000.
HOUSE AMENDMENT NO. 1.
Increases the allowable amount of an estate of homestead to
$90,000. Eliminates a provision concerning ownership of homestead
property by 2 or more individuals. Adds an immediate effective date
to the bill.
JUDICIAL NOTE, H-AM 1 (Administrative Office of Ill. Courts)
This bill would neither increase nor decrease the number of
judges needed in the State.
FISCAL NOTE, H-AM 1 (Administrative Office of Illinois Courts)
SB 1234 (H-am 1) would have no fiscal impact on the judicial
HOUSING AFFORDABILITY NOTE, H-AM 1
(Illinois Housing Development Authority)
SB 1234 (H-am 1) would not directly increase or decrease the
cost of building, buying, or selling a single family property,
but would decrease the cost of owning such a residence. By
increasing the exemption allowable amount by $82,500 (from
$7,500 to $90,000) and by deleting the current provision
limiting the homestead allowable amount when 2 or more property
owners are involved, this should have the practical impact of
lowering property tax amounts for nearly all residential
property owners. However, it is not possible to quantify the
exact aggregate impact due to differing tax bases within
Illinois' 102 counties.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status