Illinois House Bill 197 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 14 2009 - 25% progression, died in committee
Action: 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Property Tax Code. Provides that, in Cook County, homestead property must be valued at 100% of its fair cash value. Requires the Cook County Clerk to abate the property taxes levied on homestead property in an amount equal to: (1) the amount of the aggregate extension of all taxing districts against the property; less (2) an amount equal to 1% of the equalized assessed value of the property. Sets forth procedures to apply this abatement to the aggregate extensions of each taxing district. Creates the Cook County general homestead exemption to limit the assessment increases of homestead property to the lesser of: (i) 2%; or (ii) the increase in the CPI. Sets forth the taxable years in which this general homestead exemption applies. Amends the State aid provisions of the School Code to provide that, if the general homestead exemption is determined under the Cook County general homestead exemption provisions, then the available local resources are not effected. In provisions concerning the Property Tax Extension Limitation Law in the Property Tax Code, defines "extension limitation", for the 2009 taxable year and thereafter, as (a) the lesser of 2% (now, 5%) or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PROP TX-ASSESSMENT AND EXEMPTS

Rep. John Fritchey [D]

Date	Chamber	Action
2009-03-13		Rule 19(a) / Re-referred to Rules Committee
2009-02-04		Assigned to Revenue & Finance Committee
2009-01-14		Referred to Rules Committee
2009-01-14		First Reading
2009-01-13		Prefiled with Clerk by Rep. John A. Fritchey

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=197&GAID=10&DocTypeID=HB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/HB/09600HB0197.htm