IL HB3553 | 2011-2012 | 97th General Assembly

Status

Completed Legislative Action
Sponsorship: Moderate Partisan Bill (Republican 5-1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Property Tax Code. Provides that the alternative general homestead exemption applies on a permanent basis and increases the maximum amount of the exemption to $40,000 beginning in taxable year 2011. Removes an income limitation from the long-time occupant homestead exemption. Provides that, beginning in taxable year 2011, for the purpose of calculating the long-time occupant homestead exemption, "adjusted homestead value" is the lesser of (i) the property's base homestead value increased by 7% for each taxable year after the base year through and including the current tax year or (ii) the property's equalized assessed value for the current tax year minus the general homestead deduction. Effective immediately.

Tracking Information

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Title

PROP TX-HOMESTEAD EXEMPTIONS

Sponsors


History

DateChamberAction
2013-01-08HouseSession Sine Die
2011-03-17HouseRule 19(a) / Re-referred to Rules Committee
2011-03-17HouseAdded Co-Sponsor Rep. Elaine Nekritz
2011-03-03HouseAdded Chief Co-Sponsor Rep. Sidney H. Mathias
2011-03-03HouseAssigned to Revenue & Finance Committee
2011-02-24HouseReferred to Rules Committee
2011-02-24HouseFirst Reading
2011-02-24HouseChief Co-Sponsor Rep. Thomas Morrison
2011-02-24HouseChief Co-Sponsor Rep. Ren
2011-02-24HouseChief Co-Sponsor Rep. Chris Nybo
2011-02-24HouseFiled with the Clerk by Rep. David Harris

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3520015-176Amended CodeCitation Text
3520015-177Amended CodeCitation Text

Illinois State Sources


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