Bill Amendment: IL HB1377 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: PROP TX-NEW RESIDENTIAL
Status: 2024-05-24 - Passed Both Houses [HB1377 Detail]
Download: Illinois-2023-HB1377-House_Amendment_002.html
Bill Title: PROP TX-NEW RESIDENTIAL
Status: 2024-05-24 - Passed Both Houses [HB1377 Detail]
Download: Illinois-2023-HB1377-House_Amendment_002.html
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1 | AMENDMENT TO HOUSE BILL 1377 | ||||||
2 | AMENDMENT NO. ______. Amend House Bill 1377 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Property Tax Code is amended by adding | ||||||
5 | Section 15-174.5 as follows:
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6 | (35 ILCS 200/15-174.5 new) | ||||||
7 | Sec. 15-174.5. Special homestead exemption for certain | ||||||
8 | municipality-built homes. | ||||||
9 | (a) This Section applies to property located in a county | ||||||
10 | with 3,000,000 or more inhabitants. This Section also applies | ||||||
11 | to property located in a county with fewer than 3,000,000 | ||||||
12 | inhabitants if the county board of that county has so provided | ||||||
13 | by ordinance or resolution. | ||||||
14 | (b) For tax year 2024 and thereafter, eligible property | ||||||
15 | qualifies for a homestead exemption under this Section for a | ||||||
16 | 10-year period beginning with the tax year following the year |
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1 | in which the property is first sold by the municipality to a | ||||||
2 | private homeowner. Eligible property is not eligible for a | ||||||
3 | refund of taxes paid for tax years prior to the year in which | ||||||
4 | this amendatory Act of the 103rd General Assembly takes | ||||||
5 | effect. In the case of mixed-use property, the exemption under | ||||||
6 | this Section applies only to the residential portion of the | ||||||
7 | property that is used as a primary residence by the owner. | ||||||
8 | (c) The exemption under this Section shall be a reduction | ||||||
9 | in the equalized assessed value of the property equal to: | ||||||
10 | (1) in the first 8 years of eligibility, 50% of the | ||||||
11 | equalized assessed value of the property in the year | ||||||
12 | following the initial sale by the municipality; and | ||||||
13 | (2) in the ninth and tenth years of eligibility, 33% | ||||||
14 | of the equalized assessed value of the property in the | ||||||
15 | year following the initial sale by the municipality. | ||||||
16 | (d) A homeowner seeking the exemption under this Section | ||||||
17 | shall file an application with the chief county assessment | ||||||
18 | officer. Once approved by the assessor, the exemption shall | ||||||
19 | renew annually and automatically without another application, | ||||||
20 | unless the exemption is waived by the current homeowner as | ||||||
21 | provided in this subsection. The exemption under this Section | ||||||
22 | is transferable to new owners of the home, provided that (i) | ||||||
23 | the exemption runs from the sale of the property by a | ||||||
24 | municipality to the first private owner, (ii) the new owner | ||||||
25 | notifies the assessor that they have taken possession of the | ||||||
26 | property, and (iii) the property is used by the owner as their |
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1 | principal residence. A property owner who has received a | ||||||
2 | reduction under this Section may waive the exemption at any | ||||||
3 | time prior to the expiration of the 10-year exemption period | ||||||
4 | and begin to receive the benefits of other exemptions at their | ||||||
5 | sole and irrevocable discretion. Owners who decide to waive | ||||||
6 | the exemption shall notify the assessor on a form provided by | ||||||
7 | the assessor. The current property owner shall notify the | ||||||
8 | assessor and waive the exemption if the property ceases to be | ||||||
9 | their primary residence. | ||||||
10 | (e) Notwithstanding any other provision of law, no | ||||||
11 | property that receives an exemption under this Section may | ||||||
12 | simultaneously receive a reduction or exemption under Section | ||||||
13 | 15-168 (persons with disabilities), Section 15-169 (standard | ||||||
14 | homestead for veterans with disabilities); Section 15-170 | ||||||
15 | (senior citizens), Section 15-172 (low-income senior | ||||||
16 | citizens), or Section 15-175 (general homestead). In the first | ||||||
17 | year following the expiration or waiver of the exemption under | ||||||
18 | this Section, a property owner that is eligible for the | ||||||
19 | Low-Income Senior Citizen Assessment Freeze exemption in that | ||||||
20 | year may establish a base amount under Section 15-172 at the | ||||||
21 | value of their home in their first year of eligibility for that | ||||||
22 | exemption during the time when they were receiving this | ||||||
23 | exemption, provided that they demonstrate retrospectively that | ||||||
24 | they were eligible for that exemption at that point in time | ||||||
25 | while receiving this exemption. | ||||||
26 | (f) As used in this Section: |
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1 | "Eligible property" means property that: | ||||||
2 | (1) contains a single family residence that was built | ||||||
3 | no earlier than January 1, 2021 by a municipality and was | ||||||
4 | sold to a private homeowner before January 1, 2035; | ||||||
5 | (2) is zoned for residential or mixed use; and | ||||||
6 | (3) meets either or both of the following criteria: | ||||||
7 | (A) the property was exempt from property taxes | ||||||
8 | prior to the construction of the home; or | ||||||
9 | (B) the municipality conducted environmental | ||||||
10 | remediation on the property pursuant to | ||||||
11 | Title XVII of the Environmental Protection | ||||||
12 | Act.
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