Bill Text: IL HB3282 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Creates a first-time homebuyer homestead exemption. Provides that residential property valued at $75,000 or more that is owned and occupied by a first-time homebuyer is entitled to a reduction in the equalized assessed value of the property in the amount of $7,500. Amends the State Mandates Act to require implementation without reimbursement.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3282 Detail]
Download: Illinois-2019-HB3282-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by adding | ||||||||||||||||||||||||||
5 | Section 15-179 as follows:
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6 | (35 ILCS 200/15-179 new) | ||||||||||||||||||||||||||
7 | Sec. 15-179. First-time homebuyer homestead exemption. | ||||||||||||||||||||||||||
8 | (a) Notwithstanding any other provision of law and in | ||||||||||||||||||||||||||
9 | addition to any other exemption, homestead property that is | ||||||||||||||||||||||||||
10 | occupied during the taxable year by a first-time homebuyer who | ||||||||||||||||||||||||||
11 | has an ownership interest in property valued at $75,000 or more | ||||||||||||||||||||||||||
12 | is entitled to a reduction in the equalized assessed value of | ||||||||||||||||||||||||||
13 | the property in an amount equal to $7,500 for the first taxable | ||||||||||||||||||||||||||
14 | year in which the first-time homebuyer occupied the residence. | ||||||||||||||||||||||||||
15 | (b) The first-time homebuyer must purchase the residence on | ||||||||||||||||||||||||||
16 | or after January 1, 2018 and before January 1, 2020. | ||||||||||||||||||||||||||
17 | (c) Application must be made during the application period | ||||||||||||||||||||||||||
18 | in effect for the county of residence. The assessor or chief | ||||||||||||||||||||||||||
19 | county assessment officer may determine the eligibility of | ||||||||||||||||||||||||||
20 | residential property to receive the homestead exemption | ||||||||||||||||||||||||||
21 | provided by this Section by application, visual inspection, | ||||||||||||||||||||||||||
22 | questionnaire, or other reasonable methods. The determination | ||||||||||||||||||||||||||
23 | must be made in accordance with guidelines established by the |
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1 | Department. The Department may by rule provide for the | ||||||
2 | implementation and administration of this Section. | ||||||
3 | (d) As used in this Section "first-time homebuyer" means an | ||||||
4 | individual who, prior to January 1 of the taxable year, has not | ||||||
5 | held an ownership interest in residential property.
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6 | Section 90. The State Mandates Act is amended by adding | ||||||
7 | Section 8.43 as follows:
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8 | (30 ILCS 805/8.43 new) | ||||||
9 | Sec. 8.43. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
10 | of this Act, no reimbursement by the State is required for the | ||||||
11 | implementation of any mandate created by this amendatory Act of | ||||||
12 | the 101st General Assembly.
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