94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4098


 
Introduced 7/26/2005, by Rep. Jack D. Franks
 
SYNOPSIS AS INTRODUCED:
 		














320 ILCS 30/2
  from Ch. 67 1/2, par. 452







    Amends the Senior Citizens Real Estate Tax Deferral Act.  In the definition of "taxpayer", increases the income limitation, beginning with the 2006 tax year, from $40,000 to $45,000 per year.
















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4098

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    AN ACT concerning aging.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Senior Citizens Real Estate Tax Deferral Act 
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is amended  by changing Section 2 as follows:
 



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    (320 ILCS 30/2)  (from Ch. 67 1/2, par. 452)



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    Sec. 2. Definitions. As used in this Act:

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    (a) "Taxpayer" means an individual whose household income 
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for the year
is no greater than: (i) $40,000 through tax year 
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2005; and (ii) $45,000 for tax year 2006 and thereafter.

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    (b) "Tax deferred property" means the property upon which 
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real
estate taxes are deferred under this Act.

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    (c) "Homestead" means the land and buildings thereon, 
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including a
condominium or a dwelling unit in a multidwelling 
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building that is owned and
operated as a cooperative, occupied 
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by the taxpayer as his residence or which
are temporarily 
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unoccupied by the taxpayer because such taxpayer is temporarily

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residing, for not more than 1 year, in a licensed facility as 
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defined in
Section 1-113 of the Nursing Home Care Act.

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    (d) "Real estate taxes" or "taxes" means the taxes on real 
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property for
which the taxpayer would be liable under the 
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Property Tax Code, including special service area taxes, and 
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special assessments on
benefited real property for which the 
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taxpayer would be liable to a unit of
local government.

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    (e) "Department" means the Department of Revenue.

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    (f) "Qualifying property" means a homestead which (a) the 
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taxpayer or the
taxpayer and his spouse own in fee simple or 
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are purchasing in fee simple under
a recorded instrument of 
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sale, (b) is not income-producing property, (c) is not
subject 
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to a lien for unpaid real estate taxes when a claim under this 
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Act is
filed.

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    (g) "Equity interest" means the current assessed valuation 
 


 






HB4098
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of the qualified
property times the fraction necessary to 
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convert that figure to full market
value minus any outstanding 
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debts or liens on that property.  In the case of
qualifying 
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property not having a separate assessed valuation, the 
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appraised
value as determined by a qualified real estate 
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appraiser shall be used instead
of the current assessed 
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valuation.

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    (h) "Household income" has the meaning ascribed to that 
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term in the Senior
Citizens and Disabled Persons Property Tax 
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Relief and Pharmaceutical Assistance
Act.

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    (i) "Collector" means the county collector or, if the taxes 
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to be deferred
are special assessments, an official designated 
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by a unit of local government
to collect special assessments.

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(Source: P.A. 92-639, eff. 1-1-03.)