Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

20 ILCS 620/6

from Ch. 67 1/2, par. 1006

35 ILCS 200/14-15

35 ILCS 200/15-10

35 ILCS 200/15-170

35 ILCS 200/15-172

35 ILCS 200/15-175

35 ILCS 200/15-176

35 ILCS 200/20-178

55 ILCS 85/6

from Ch. 34, par. 7006

55 ILCS 90/45

from Ch. 34, par. 8045

65 ILCS 5/11-74.4-8

from Ch. 24, par. 11-74.4-8

65 ILCS 5/11-74.4-9

from Ch. 24, par. 11-74.4-9

65 ILCS 5/11-74.6-40

65 ILCS 110/45

105 ILCS 5/18-8.05

720 ILCS 5/17A-1

from Ch. 38, par. 17A-1

30 ILCS 805/8.28 new

Synopsis As Introduced
Amends the Property Tax Code. Amends the Senior Citizens Homestead Exemption provisions to provide that, if a property has been granted a homestead exemption under these provisions, then the person qualifying need not reapply for the exemption. Increases the ceiling for household income eligibility for the Senior Citizens Assessment Freeze Homestead Exemption provisions, for taxable years 2003 and thereafter, from $40,000 per year to $45,000 per year and provides that the exemption amount shall be $2,500 in all counties (now, $2,500 in Cook County and $2,000 in all other counties). Provides that the exemption amount for the general homestead exemption shall be $4,500 in all counties (now, $4,500 in Cook County and $3,500 in all other counties). Creates a general homestead exemption provision that applies only to counties subject to the Property Tax Extension Limitation Law. Provides that the amount of the exemption is the equalized assessed value of the homestead property for the current tax year minus the adjusted homestead value. Defines "adjusted homestead value" as the lesser of (i) the property's base homestead value increased by 7% for each tax year after 2002 through and including the current tax year or (ii) the property's equalized assessed value for the current tax year minus $4,500. Provides that "base homestead value" means the equalized assessed value of the property for tax year 2002 prior to exemptions, minus $4,500. Establishes procedures for determining the base homestead value of property improved after the 2002 tax year. Sunsets the provisions after the 2010 assessment year. Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property Tax Allocation Act, the County Economic Development Project Area Tax Increment Allocation Act of 1991, the Economic Development Project Area Tax Increment Allocation Act of 1995, the Tax Increment Allocation Redevelopment Act and the Industrial Jobs Recovery Law in the Illinois Municipal Code, the School Code, and the Criminal Code of 1961 to include a cross reference to the new general homestead exemption provision in the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement for the new general homestead exemption and the Senior Citizens Assessment Freeze Homestead Exemption. Effective immediately.

Actions 

Date	Chamber	Action
1/15/2004	House	Filed with the Clerk by Rep. Carole Pankau
1/15/2004	House	First Reading
1/15/2004	House	Referred to Rules Committee
2/9/2004	House	Added Chief Co-Sponsor Rep. Sidney H. Mathias
2/19/2004	House	Added Chief Co-Sponsor Rep. Paul D. Froehlich
1/11/2005	House	Session Sine Die

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