Bill Text: IL SB2951 | 2013-2014 | 98th General Assembly | Amended
Bill Title: Amends the Property Tax Code. Provides that whenever, as the result of a final order of the Property Tax Appeal Board or any court, a property assessment is reduced for a tax year for which the taxes have already been paid and the subject property is still owned by the same person, entity, or a successor entity, the chief county assessment officer shall award to the taxpayer obtaining the order a compensatory assessment reduction for the next assessment year available for assessment adjustment. Provides that the amount of the compensatory assessment reduction shall be equal to the assessment reduction for the prior year or years as ordered by Property Tax Appeal Board or court and provides that the amount may be carried forward. Provides that the award of compensatory assessment reductions shall take place prior to and shall be considered in the determination of tax rates by the county clerk. Provides that the award of compensatory assessment reductions shall not affect the determination of the fair market value of the subject property or its assessed valuation once the compensatory assessment reductions have been exhausted.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2951 Detail]
Download: Illinois-2013-SB2951-Amended.html
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1 | AMENDMENT TO SENATE BILL 2951
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2 | AMENDMENT NO. ______. Amend Senate Bill 2951 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Senior Citizens Real Estate Tax Deferral | ||||||
5 | Act is amended by changing Section 2 as follows:
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6 | (320 ILCS 30/2) (from Ch. 67 1/2, par. 452)
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7 | Sec. 2. Definitions. As used in this Act:
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8 | (a) "Taxpayer" means an individual whose household income | ||||||
9 | for the year
is no greater than: (i) $40,000 through tax year | ||||||
10 | 2005; (ii) $50,000 for tax years 2006 through 2011; and (iii) | ||||||
11 | $55,000 for tax year 2012 and thereafter.
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12 | (b) "Tax deferred property" means the property upon which | ||||||
13 | real
estate taxes are deferred under this Act.
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14 | (c) "Homestead" means the land and buildings thereon, | ||||||
15 | including a
condominium or a dwelling unit in a multidwelling | ||||||
16 | building that is owned and
operated as a cooperative, occupied |
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1 | by the taxpayer as his residence or which
are temporarily | ||||||
2 | unoccupied by the taxpayer because such taxpayer is temporarily
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3 | residing, for not more than 1 year, in a licensed facility as | ||||||
4 | defined in
Section 1-113 of the Nursing Home Care Act.
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5 | (d) "Real estate taxes" or "taxes" means the taxes on real | ||||||
6 | property for
which the taxpayer would be liable under the | ||||||
7 | Property Tax Code, including special service area taxes, and | ||||||
8 | special assessments on
benefited real property for which the | ||||||
9 | taxpayer would be liable to a unit of
local government.
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10 | (e) "Department" means the Department of Revenue.
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11 | (f) "Qualifying property" means a homestead which (a) the | ||||||
12 | taxpayer or the
taxpayer and his spouse own in fee simple or | ||||||
13 | are purchasing in fee simple under
a recorded instrument of | ||||||
14 | sale, (b) is not income-producing property, and (c) is not
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15 | subject to a lien for unpaid real estate taxes when a claim | ||||||
16 | under this Act is
filed , and (d) is not held in trust, other | ||||||
17 | than an Illinois land trust with the taxpayer identified as the | ||||||
18 | sole beneficiary, if the taxpayer is filing for the program for | ||||||
19 | the first time effective as of the January 1, 2011 assessment | ||||||
20 | year or tax year 2012 and thereafter .
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21 | (g) "Equity interest" means the current assessed valuation | ||||||
22 | of the qualified
property times the fraction necessary to | ||||||
23 | convert that figure to full market
value minus any outstanding | ||||||
24 | debts or liens on that property. In the case of
qualifying | ||||||
25 | property not having a separate assessed valuation, the | ||||||
26 | appraised
value as determined by a qualified real estate |
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1 | appraiser shall be used instead
of the current assessed | ||||||
2 | valuation.
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3 | (h) "Household income" has the meaning ascribed to that | ||||||
4 | term in the Senior
Citizens and Disabled Persons Property Tax | ||||||
5 | Relief
Act.
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6 | (i) "Collector" means the county collector or, if the taxes | ||||||
7 | to be deferred
are special assessments, an official designated | ||||||
8 | by a unit of local government
to collect special assessments.
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9 | (Source: P.A. 97-481, eff. 8-22-11; 97-689, eff. 6-14-12.)
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10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.".
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