Illinois Senate Bill 2255 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on February 26 2021 - 25% progression, died in committee
Action: 2021-04-16 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Property Tax Code. Provides that homestead property that is newly constructed is entitled to a homestead exemption limited to $75,000 per year in fair cash value, if that property is owned and used exclusively for a residential purpose, regardless of whether or not that property has been rebuilt following a catastrophic event. Provides that the chief county assessment officer shall award not more than $5,000,000 in exemptions under those provisions in any taxable year for property that has not been improved or newly constructed following a catastrophic event. Effective immediately.

PROP TX-NEW CONSTRUCTION

Sen. Win Stoller [R]

Date	Chamber	Action
2021-04-16	Senate	Rule 3-9(a) / Re-referred to Assignments
2021-03-23	Senate	Assigned to Revenue
2021-02-26	Senate	Referred to Assignments
2021-02-26	Senate	First Reading
2021-02-26	Senate	Filed with Secretary by Sen. Win Stoller

Chapter	Article	Section	Citation Type	Statute Text
35	200	15-180	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2255&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB2255.htm