Public Act 90-0704 of the 90th General Assembly

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Public Act 90-0704

HB3025 Enrolled                                LRB9008705KDpc

    AN ACT to amend the Property Tax Code by changing Section

    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 15-180 as follows:

    (35 ILCS 200/15-180)
    Sec.   15-180.    Homestead   improvements.     Homestead
properties that have been improved and residential structures
on  homestead  property  that  have  been rebuilt following a
catastrophic event 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  or  the
rebuilding   of   a   residential   structure   following   a
catastrophic  event.   To  be eligible for an exemption under
this Section after  a  catastrophic  event,  the  residential
structure   must   be   rebuilt  within  2  years  after  the
catastrophic event.  The  exemption  for  rebuilt  structures
under  this  Section  applies to the increase in value of the
rebuilt structure over the value of the structure before  the
catastrophic  event.   The  amount  of the exemption shall be
limited to the fair cash value added by the  new  improvement
or  rebuilding  and  shall continue for 4 years from the date
the improvement or rebuilding is completed and  occupied,  or
until the next following general assessment of that property,
whichever is later.
    A proclamation of disaster by the President of the United
States  or  Governor  of  the  State  of  Illinois  is  not a
prerequisite to the classification  of  an  occurrence  as  a
catastrophic  event  under  this  Section.   A  "catastrophic
event"  may  include  an  occurrence  of widespread or severe
damage or loss of property resulting  from  any  catastrophic
cause  including  but  not  limited  to fire, including arson
(provided the fire was not caused by the willful action of an
owner or resident of the property), flood, earthquake,  wind,
storm,  explosion,  or  extended  periods of severe inclement
weather.  In the case of a residential structure affected  by
flooding,  the  structure  shall  not  be  eligible  for this
homestead improvement exemption unless it is located within a
local jurisdiction which is  participating  in  the  National
Flood Insurance Program.
    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.
    Beginning January 1, 1999, in counties  of  3,000,000  or
more  inhabitants, an application for a homestead improvement
exemption for a residential structure that has  been  rebuilt
following a catastrophic event must be submitted to the Chief
County  Assessment  Officer  with a valuation complaint and a
copy of the building permit to rebuild  the  structure.   The
Chief   County  Assessment  Officer  may  require  additional
documentation which must be provided by the applicant.
(Source: P.A.  88-455;  89-595,  eff.  1-1-97;  89-690,  eff.
6-1-97;  90-14,  eff.  7-1-97;  90-186, eff. 7-24-97; revised
    Section 99.  Effective date.  This Act takes effect  upon
becoming law.

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