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| Public Act 101-0077 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The State Finance Act is amended by adding | ||||
Sections 5.891 and 6z-107 as follows: | ||||
(30 ILCS 105/5.891 new) | ||||
Sec. 5.891. The Illinois Property Tax Relief Fund. | ||||
(30 ILCS 105/6z-107 new) | ||||
Sec. 6z-107. Illinois Property Tax Relief Fund; creation. | ||||
(a) Beginning in State fiscal year 2021, the Illinois | ||||
Property Tax Relief Fund is hereby created as a special fund in | ||||
the State treasury. Moneys in the Fund shall be used by the | ||||
State Comptroller to pay rebates to residential property | ||||
taxpayers in the State as provided in this Section. The Fund | ||||
may accept moneys from any lawful source. | ||||
(b) Beginning in State fiscal year 2021, within 30 days | ||||
after the last day of the application period for general | ||||
homestead exemptions in the county, each chief county | ||||
assessment officer shall certify to the State Comptroller the | ||||
total number of general homestead exemptions granted for | ||||
homestead property in that county for the applicable property | ||||
tax year. As soon as possible after receiving certifications | ||||
from each county under this subsection, the State Comptroller | ||
shall calculate a property tax rebate amount for the applicable | ||
property tax year by dividing the total amount appropriated | ||
from the Illinois Property Tax Relief Fund for the purpose of | ||
making rebates under this Section by the total number of | ||
homestead exemptions granted for homestead property in the | ||
State. The county treasurer shall reduce each property tax bill | ||
for homestead property by the property tax rebate amount and | ||
shall include a separate line item on each property tax bill | ||
stating the property tax rebate amount from the Illinois | ||
Property Tax Relief Fund. Within 60 days after calculating the | ||
property tax rebate amount, the State Comptroller shall make | ||
distributions from the Illinois Property Tax Relief Fund to | ||
each county. The amount allocated to each county shall be the | ||
property tax rebate amount multiplied by the number of general | ||
homestead exemptions granted in the county for the applicable | ||
property tax year. The county treasurer shall distribute each | ||
taxing district's share of property tax collections and | ||
distributions from the Illinois Property Tax Relief Fund to | ||
those taxing districts as provided by law. | ||
(c) As used in this Section: | ||
"Applicable property tax year" means the tax year for which | ||
a rebate was applied to property tax bills under this Section. | ||
"General homestead exemption" means a general homestead | ||
exemption that was granted for the property under Section | ||
15-175 of the Property Tax Code. | ||
"Homestead property" means property that meets both of the | ||
following criteria: (1) a general homestead exemption was | ||
granted for the property; and (2) the property tax liability | ||
for the property is current as of the date of the | ||
certification. | ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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