Bill Text: IL SB0039 | 2019-2020 | 101st General Assembly | Chaptered


Bill Title: Amends the Property Tax Code. Creates a homestead exemption in the amount of a reduction of $5,000 from the equalized assessed value of property of police officers and firefighters with duty-related disabilities. Effective immediately.

Spectrum: Partisan Bill (Democrat 35-0)

Status: (Passed) 2019-07-12 - Public Act . . . . . . . . . 101-0077 [SB0039 Detail]

Download: Illinois-2019-SB0039-Chaptered.html



Public Act 101-0077
SB0039 EnrolledLRB101 05893 HLH 50914 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by adding
Sections 5.891 and 6z-107 as follows:
(30 ILCS 105/5.891 new)
Sec. 5.891. The Illinois Property Tax Relief Fund.
(30 ILCS 105/6z-107 new)
Sec. 6z-107. Illinois Property Tax Relief Fund; creation.
(a) Beginning in State fiscal year 2021, the Illinois
Property Tax Relief Fund is hereby created as a special fund in
the State treasury. Moneys in the Fund shall be used by the
State Comptroller to pay rebates to residential property
taxpayers in the State as provided in this Section. The Fund
may accept moneys from any lawful source.
(b) Beginning in State fiscal year 2021, within 30 days
after the last day of the application period for general
homestead exemptions in the county, each chief county
assessment officer shall certify to the State Comptroller the
total number of general homestead exemptions granted for
homestead property in that county for the applicable property
tax year. As soon as possible after receiving certifications
from each county under this subsection, the State Comptroller
shall calculate a property tax rebate amount for the applicable
property tax year by dividing the total amount appropriated
from the Illinois Property Tax Relief Fund for the purpose of
making rebates under this Section by the total number of
homestead exemptions granted for homestead property in the
State. The county treasurer shall reduce each property tax bill
for homestead property by the property tax rebate amount and
shall include a separate line item on each property tax bill
stating the property tax rebate amount from the Illinois
Property Tax Relief Fund. Within 60 days after calculating the
property tax rebate amount, the State Comptroller shall make
distributions from the Illinois Property Tax Relief Fund to
each county. The amount allocated to each county shall be the
property tax rebate amount multiplied by the number of general
homestead exemptions granted in the county for the applicable
property tax year. The county treasurer shall distribute each
taxing district's share of property tax collections and
distributions from the Illinois Property Tax Relief Fund to
those taxing districts as provided by law.
(c) As used in this Section:
"Applicable property tax year" means the tax year for which
a rebate was applied to property tax bills under this Section.
"General homestead exemption" means a general homestead
exemption that was granted for the property under Section
15-175 of the Property Tax Code.
"Homestead property" means property that meets both of the
following criteria: (1) a general homestead exemption was
granted for the property; and (2) the property tax liability
for the property is current as of the date of the
certification.
Section 99. Effective date. This Act takes effect upon
becoming law.
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