|
Public Act 096-1288
|
| SB2350 Enrolled | LRB096 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. |