Bill Text: IL SB2032 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that the county clerk shall abate the taxes imposed on property that qualifies for the senior citizens assessment freeze homestead exemption under Section 15-172, in an amount equal to 50% of the taxes attributable to the first $200,000 market value of the residence. Provides that the State shall reimburse each taxing district for the lost revenue. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 3-9(a) / Re-referred to Assignments [SB2032 Detail]

Download: Illinois-2009-SB2032-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB2032 Introduced 2/20/2009, by Sen. Chris Lauzen SYNOPSIS AS INTRODUCED:
35 ILCS 200/18-182 new
Amends the Property Tax Code. Provides that the county clerk shall abate the taxes imposed on property that qualifies for the senior citizens assessment freeze homestead exemption under Section 15-172, in an amount equal to 50% of the taxes attributable to the first $200,000 market value of the residence. Provides that the State shall reimburse each taxing district for the lost revenue. Effective immediately.
LRB096 11224 HLH 21629 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB2032 LRB096 11224 HLH 21629 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 18-182 as follows:
(35 ILCS 200/18-182 new)
Sec. 18-182. Property subject to the senior citizens
assessment freeze homestead exemption. Beginning in taxable
year 2009, the county clerk shall abate the property taxes
imposed on property that qualifies for the senior citizens
assessment freeze homestead exemption under Section 15-172, in
an amount equal to 50% of the taxes attributable to the first
$200,000 market value of the residence. The State shall
reimburse each taxing district in an amount equal to the
revenue lost by that taxing district as a result of an
abatement under this Section.
Section 99. Effective date. This Act takes effect upon
becoming law.