Bill Text: IL SB1284 | 2023-2024 | 103rd General Assembly | Introduced
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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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 15-173.1 as follows:
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6 | (35 ILCS 200/15-173.1 new) | |||||||||||||||||||
7 | Sec. 15-173.1. Homestead exemption for property in a flood | |||||||||||||||||||
8 | zone. Beginning with tax year 2024, if a geographic area | |||||||||||||||||||
9 | within a county experiences excessive flooding in any tax | |||||||||||||||||||
10 | year, the county board of the county may, by ordinance, | |||||||||||||||||||
11 | designate that area as a flood zone for that tax year. | |||||||||||||||||||
12 | Homestead property that is located within a flood zone is | |||||||||||||||||||
13 | entitled to a reduction of $5,000 from the property's | |||||||||||||||||||
14 | equalized assessed value for the tax year in which the area is | |||||||||||||||||||
15 | designated as a flood zone. As used in this Section, | |||||||||||||||||||
16 | "homestead property" has the meaning given to that term in | |||||||||||||||||||
17 | Section 15-175.
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