Illinois 2023-2024 Regular Session

Illinois House Bill HB5867 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5867 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-177.1 new Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately. LRB103 41288 HLH 74505 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5867 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-177.1 new 35 ILCS 200/15-177.1 new Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately. LRB103 41288 HLH 74505 b LRB103 41288 HLH 74505 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5867 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/15-177.1 new 35 ILCS 200/15-177.1 new
4	4	35 ILCS 200/15-177.1 new
5	5	Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.
6	6	LRB103 41288 HLH 74505 b LRB103 41288 HLH 74505 b
7	7	LRB103 41288 HLH 74505 b
8	8	A BILL FOR
9	9	HB5867LRB103 41288 HLH 74505 b HB5867 LRB103 41288 HLH 74505 b
10	10	HB5867 LRB103 41288 HLH 74505 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by adding
15	15	5 Section 15-177.1 as follows:
16	16	6 (35 ILCS 200/15-177.1 new)
17	17	7 Sec. 15-177.1. The 5-year property homestead exemption.
18	18	8 (a) Notwithstanding any other provision of law, for
19	19	9 taxable year 2025 and each taxable year thereafter, in Cook
20	20	10 County, the aggregate amount of property taxes levied against
21	21	11 any parcel of qualified homestead property in any taxable year
22	22	12 may not exceed $5,000. The property taxes collected for the
23	23	13 qualified homestead property shall be distributed to the
24	24	14 taxing districts in which the property is located according to
25	25	15 each taxing district's proportionate share of the qualified
26	26	16 homestead property's aggregate liability.
27	27	17 (b) To receive the exemption under this Section, the
28	28	18 qualified taxpayer must submit an application to the county
29	29	19 assessor during the application period specified by the county
30	30	20 assessor. The applications shall be clearly marked as
31	31	21 applications for the 5-year property homestead exemption. The
32	32	22 county assessor shall annually give notice of the application
33	33	23 period by mail or by publication. The assessor or chief county
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5867 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/15-177.1 new 35 ILCS 200/15-177.1 new
39	39	35 ILCS 200/15-177.1 new
40	40	Amends the Property Tax Code. Creates a homestead exemption for certain property located in Cook County that has been used as a qualified taxpayer's principal dwelling place for at least 5 continuous years as of January 1 of the taxable year. Provides that the aggregate amount of property taxes levied against that property in any taxable year may not exceed $5,000. Effective immediately.
41	41	LRB103 41288 HLH 74505 b LRB103 41288 HLH 74505 b
42	42	LRB103 41288 HLH 74505 b
43	43	A BILL FOR
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49	49	35 ILCS 200/15-177.1 new
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68	68	1 assessment officer may determine the eligibility of
69	69	2 residential property to receive the homestead exemption
70	70	3 provided by this Section by application, visual inspection,
71	71	4 questionnaire, or other reasonable methods. Each year, the
72	72	5 county assessor shall compile a list of properties that have
73	73	6 been granted a homestead exemption under this Section and
74	74	7 shall provide that list to the State Treasurer and to the
75	75	8 corporate authorities of each taxing district located within
76	76	9 the county.
77	77	10 (c) As used in this Section:
78	78	11 "Qualified homestead property" means real property located
79	79	12 in Cook County that has been granted an exemption under this
80	80	13 Section and that, as of January 1 of the tax year:
81	81	14 (1) is residential property that is owned and
82	82	15 occupied by a qualified taxpayer as the qualified
83	83	16 taxpayer's principal residence and domicile; or
84	84	17 (2) contains a single family residence that is
85	85	18 occupied as a principal residence and domicile by a
86	86	19 qualified taxpayer who has a legal or equitable interest
87	87	20 in the property as a lessee, as evidenced by a written
88	88	21 instrument, and on which the qualified taxpayer is liable
89	89	22 for the payment of property taxes.
90	90	23 "Qualified taxpayer" means an individual who, for at least
91	91	24 5 continuous years as of January 1 of the taxable year, has
92	92	25 occupied the same homestead property as a principal residence
93	93	26 and domicile.
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104	104	1 (d) Notwithstanding Sections 6 and 8 of the State Mandates
105	105	2 Act, no reimbursement by the State is required for the
106	106	3 implementation of any mandate created by this Section.
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