Public Act 096-1288
 
SB2350 EnrolledLRB096 11625 HLH 22159 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Property Tax Code is amended by changing
Section 15-167 as follows:
 
    (35 ILCS 200/15-167)
    Sec. 15-167. Returning Veterans' Homestead Exemption.
    (a) Beginning with taxable year 2007, a homestead
exemption, limited to a reduction set forth under subsection
(b), from the property's value, as equalized or assessed by the
Department, is granted for property that is owned and occupied
as the principal residence of a veteran returning from an armed
conflict involving the armed forces of the United States who is
liable for paying real estate taxes on the property and is an
owner of record of the property or has a legal or equitable
interest therein as evidenced by a written instrument, except
for a leasehold interest, other than a leasehold interest of
land on which a single family residence is located, which is
occupied as the principal residence of a veteran returning from
an armed conflict involving the armed forces of the United
States who has an ownership interest therein, legal, equitable
or as a lessee, and on which he or she is liable for the payment
of property taxes. For purposes of the exemption under this
Section, "veteran" means an Illinois resident who has served as
a member of the United States Armed Forces, a member of the
Illinois National Guard, or a member of the United States
Reserve Forces.
    (b) In all counties, the reduction is $5,000 and only for
the taxable year in which the veteran returns from active duty
in an armed conflict involving the armed forces of the United
States; however, if the veteran first acquires his or her
principal residence during the taxable year in which he or she
returns, but after January 1 of that year, and if the property
is owned and occupied by the veteran as a principal residence
on January 1 of the next taxable year, he or she may apply the
exemption for the next taxable year, and only the next taxable
year, after he or she returns. For land improved with an
apartment building owned and operated as a cooperative, the
maximum reduction from the value of the property, as equalized
by the Department, must be multiplied by the number of
apartments or units occupied by a veteran returning from an
armed conflict involving the armed forces of the United States
who is liable, by contract with the owner or owners of record,
for paying property taxes on the property and is an owner of
record of a legal or equitable interest in the cooperative
apartment building, other than a leasehold interest. In a
cooperative where a homestead exemption has been granted, the
cooperative association or the management firm of the
cooperative or facility shall credit the savings resulting from
that exemption only to the apportioned tax liability of the
owner or resident who qualified for the exemption. Any person
who willfully refuses to so credit the savings is guilty of a
Class B misdemeanor.
    (c) Application must be made during the application period
in effect for the county of his or her residence. The assessor
or chief county assessment officer may determine the
eligibility of residential property to receive the homestead
exemption provided by this Section by application, visual
inspection, questionnaire, or other reasonable methods. The
determination must be made in accordance with guidelines
established by the Department.
    (d) The exemption under this Section is in addition to any
other homestead exemption provided in this Article 15.
Notwithstanding Sections 6 and 8 of the State Mandates Act, no
reimbursement by the State is required for the implementation
of any mandate created by this Section.
(Source: P.A. 95-644, eff. 10-12-07.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.