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 2008 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 2008 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.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2010-03-15 - Rule 19(a) / Re-referred to Rules Committee [HB3704 Detail]

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Bill Drafts

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Introduced	Not Avail	HTML/Text	Link	View

Amendments

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No bill amendments currently on file for Illinois HB3704

Supplemental Documents

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No supplemental documents for Illinois HB3704 currently on file.

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