Bill Text: IL SB1284 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that the county board may designate a geographic area within the county as a flood zone. Provides that homestead property that is located within a flood zone is entitled to a reduction of $5,000 from the property's equalized assessed value for the tax year in which the area is designated as a flood zone.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-03-15 - Rule 3-9(a) / Re-referred to Assignments [SB1284 Detail]

Download: Illinois-2023-SB1284-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1284 Introduced 2/3/2023, by Sen. Mike Simmons SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-173.1 new
Amends the Property Tax Code. Provides that the county board may designate a geographic area within the county as a flood zone. Provides that homestead property that is located within a flood zone is entitled to a reduction of $5,000 from the property's equalized assessed value for the tax year in which the area is designated as a flood zone.
LRB103 27037 HLH 53405 b
A BILL FOR
SB1284 LRB103 27037 HLH 53405 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 15-173.1 as follows:
(35 ILCS 200/15-173.1 new)
Sec. 15-173.1. Homestead exemption for property in a flood
zone. Beginning with tax year 2024, if a geographic area
within a county experiences excessive flooding in any tax
year, the county board of the county may, by ordinance,
designate that area as a flood zone for that tax year.
Homestead property that is located within a flood zone is
entitled to a reduction of $5,000 from the property's
equalized assessed value for the tax year in which the area is
designated as a flood zone. As used in this Section,
"homestead property" has the meaning given to that term in
Section 15-175.