Bill Text: IL HB1165 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that each parcel of property that qualifies for a homestead exemption under the Code shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB1165 Detail]

Download: Illinois-2011-HB1165-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB1165 Introduced 2/8/2011, by Rep. Patrick J. Verschoore SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-190 new
Amends the Property Tax Code. Provides that each parcel of property that qualifies for a homestead exemption under the Code shall have a minimum equalized assessed value of $1,000 after each applicable homestead exemption is applied to the property. Effective immediately.
LRB097 06423 HLH 46505 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB1165 LRB097 06423 HLH 46505 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 15-190 as follows:
(35 ILCS 200/15-190 new)
Sec. 15-190. Minimum equalized assessed valuation.
Notwithstanding any other provision of law, beginning in
taxable year 2011, each parcel of property that qualifies for a
homestead exemption provided under this Article 15 shall have a
minimum equalized assessed value of $1,000 after each
applicable homestead exemption is applied to the property.
Section 99. Effective date. This Act takes effect upon
becoming law.