Public Act 90-0186 of the 90th General Assembly

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Public Act 90-0186

HB0045 Enrolled                                LRB9000700KRks

    AN ACT in relation to taxation.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.  The  State Mandates Act is amended by adding
Section 8.21 as follows:

    (30 ILCS 805/8.21 new)
    Sec. 8.21. Notwithstanding Sections 6 and 8 of this  Act,
no   reimbursement   by   the   State  is  required  for  the
implementation of any mandate created by this amendatory  Act
of 1997.

    Section  10. The Property Tax Code is amended by changing
Section 15-180 as follows:

    (35 ILCS 200/15-180)
    Sec.   15-180.    Homestead   improvements.     Homestead
properties   that  have  been  improved  are  entitled  to  a
homestead improvement exemption, limited to $30,000 per  year
through  December  31, 1997, and $45,000 beginning January 1,
1998 and thereafter, in fair cash value, when  that  property
is  owned  and used exclusively for a residential purpose and
upon demonstration that a proposed increase in assessed value
is attributable solely to a new improvement  of  an  existing
structure.   The  amount of the exemption shall be limited to
the fair cash value added by the new  improvement  and  shall
continue  for  4  years  from  the  date  the  improvement is
completed and occupied, or until the next  following  general
assessment of that property, whichever is later.
    In  counties  of  less  than  3,000,000  inhabitants,  in
addition  to  the  notice  requirement under Section 12-30, a
supervisor of assessments, county assessor,  or  township  or
multi-township  assessor responsible for adding an assessable
improvement to  a  residential  property's  assessment  shall
either  notify  a  taxpayer whose assessment has been changed
since the last preceding assessment that he  or  she  may  be
eligible  for  the  exemption  provided under this Section or
shall grant the exemption automatically.
(Source: P.A. 88-455; 89-595, eff. 1-1-97.)

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.

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