IL SB2255 | 2021-2022 | 102nd General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
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]
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]
Summary
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.
Title
PROP TX-NEW CONSTRUCTION
Sponsors
Sen. Win Stoller [R] |
History
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 |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
35 | 200 | 15-180 | Amended Code | Citation Text |
Illinois State Sources
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 |