Bill Text: IL HB4291 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that, if the cumulative amount paid in property taxes by a particular taxpayer for a particular parcel of homestead property equals or exceeds the selling price of that homestead property at the time the property was sold, transferred, or conveyed to the taxpayer, then that property is exempt from taxation until such time as the property is sold, transferred, or conveyed to another taxpayer. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-04-08 - Rule 19(a) / Re-referred to Rules Committee [HB4291 Detail]
Download: Illinois-2015-HB4291-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 15-178 as follows:
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6 | (35 ILCS 200/15-178 new) | ||||||||||||||||||||||||
7 | Sec. 15-178. Selling price homestead exemption. | ||||||||||||||||||||||||
8 | (a) Notwithstanding any other provision of law, if, on | ||||||||||||||||||||||||
9 | January 1 of any taxable year, the cumulative amount of | ||||||||||||||||||||||||
10 | property taxes paid by a particular taxpayer for a particular | ||||||||||||||||||||||||
11 | parcel of homestead property in all previous taxable years | ||||||||||||||||||||||||
12 | equals or exceeds the selling price of that homestead property | ||||||||||||||||||||||||
13 | at the time the property was sold, transferred, or conveyed to | ||||||||||||||||||||||||
14 | the taxpayer, then that property is exempt from taxation until | ||||||||||||||||||||||||
15 | such time as the property is sold, transferred, or conveyed to | ||||||||||||||||||||||||
16 | another taxpayer. | ||||||||||||||||||||||||
17 | (b) To receive the homestead exemption under this Section, | ||||||||||||||||||||||||
18 | a person must submit an application to the county assessor | ||||||||||||||||||||||||
19 | during the period specified by the county assessor. The | ||||||||||||||||||||||||
20 | assessor or chief county assessment officer may determine the | ||||||||||||||||||||||||
21 | eligibility of residential property to receive the homestead | ||||||||||||||||||||||||
22 | exemption provided by this Section by application, visual | ||||||||||||||||||||||||
23 | inspection, questionnaire, or other reasonable methods. The |
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1 | determination must be made in accordance with guidelines | ||||||
2 | established by the Department. | ||||||
3 | (c) For the purposes of this Section: | ||||||
4 | "Homestead property" has the same meaning given to that | ||||||
5 | term in Section 15-175. | ||||||
6 | "Selling price" means the consideration for a sale valued | ||||||
7 | in money
whether received in money or otherwise, including | ||||||
8 | cash, credits, property, and services.
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9 | Section 99. Effective date. This Act takes effect upon | ||||||
10 | becoming law.
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