Bill Title: Amends the Property Tax Code. In a Section concerning the alternative general homestead exemption, provides that the maximum amount of the exemption is $40,000 for taxable year 2011 and thereafter. Provides that the alternative general homestead exemption applies on a permanent basis. In a Section concerning the long-time occupant homestead exemption, expands the definition of "adjusted homestead value". Beginning with taxable year 2011 and thereafter, "adjusted homestead value" means a property's base homestead value increased by 7% for each taxable year after the base year through and including the current tax year for qualified taxpayers with a household income of $100,000 or less. Makes other changes. Effective immediately.
Sponsorship: Bipartisan Bill
Status: (Failed) 2013-01-08 - Session Sine Die
[HB3602 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | Not Avail | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois HB3602 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB3602 currently on file. |
