Bill Text: IL HB3282 | 2019-2020 | 101st General Assembly | Introduced

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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.

Sponsorship: Partisan Bill (Republican 1)

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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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB3282 Introduced , by Rep. David A. Welter SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-179 new
30 ILCS 805/8.43 new
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.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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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 15-179 as follows:
(35 ILCS 200/15-179 new)
Sec. 15-179. First-time homebuyer homestead exemption.
(a) Notwithstanding any other provision of law and in
addition to any other exemption, homestead property that is
occupied during the taxable year by a first-time homebuyer who
has an ownership interest in property valued at $75,000 or more
is entitled to a reduction in the equalized assessed value of
the property in an amount equal to $7,500 for the first taxable
year in which the first-time homebuyer occupied the residence.
(b) The first-time homebuyer must purchase the residence on
or after January 1, 2018 and before January 1, 2020.
(c) Application must be made during the application period
in effect for the county of residence. The assessor or chief
county assessment officer may determine the eligibility of
residential property to receive the homestead exemption
provided by this Section by application, visual inspection,
questionnaire, or other reasonable methods. The determination
must be made in accordance with guidelines established by the

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Department. The Department may by rule provide for the
implementation and administration of this Section.
(d) As used in this Section "first-time homebuyer" means an
individual who, prior to January 1 of the taxable year, has not
held an ownership interest in residential property.
Section 90. The State Mandates Act is amended by adding
Section 8.43 as follows:
(30 ILCS 805/8.43 new)
Sec. 8.43. Exempt mandate. Notwithstanding Sections 6 and 8
of this Act, no reimbursement by the State is required for the
implementation of any mandate created by this amendatory Act of
the 101st General Assembly.