Bill Text: IL HB3057 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Creates a school tax reduction homestead exemption. Provides that, for the purpose of calculating taxes levied by a school district, there shall be a reduction from the equalized assessed value of qualified homestead property equal to the exempt amount. Sets forth the calculation of the exempt amount. Provides that "qualified homestead property" means homestead property owned by persons with a household income of less than $500,000 per year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-02-21 - Tabled [HB3057 Detail]

Download: Illinois-2019-HB3057-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB3057 Introduced , by Rep. Sonya M. Harper SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-186 new
Amends the Property Tax Code. Creates a school tax reduction homestead exemption. Provides that, for the purpose of calculating taxes levied by a school district, there shall be a reduction from the equalized assessed value of qualified homestead property equal to the exempt amount. Sets forth the calculation of the exempt amount. Provides that "qualified homestead property" means homestead property owned by persons with a household income of less than $500,000 per year.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 15-186 as follows:
(35 ILCS 200/15-186 new)
Sec. 15-186. School tax reduction (STAR) homestead
exemption.
(a) The exemption provided in this Section shall be used
when calculating the property taxes levied by a school
district. For taxable years beginning on or after January 1,
2020, there shall be a reduction from the equalized assessed
value of qualified homestead property equal to the exempt
amount. The exempt amount for each property shall be determined
annually by multiplying the base figure by the
locally-applicable sales price differential factor, if any, as
determined by the Department, and multiplying the product by
the State equalization factor. The result is then rounded to
the nearest multiple of ten dollars.
(b) As used in this Section:
"Base figure" means $10,000, multiplied each year by the
percentage increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers (CPI-W) published by the United

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States Department of Labor, Bureau of Labor Statistics, for the
third quarter of the calendar year preceding the applicable
school year, as compared to the third quarter of the prior
calendar year. If a base figure as so determined is not exactly
equal to a multiple of one hundred dollars, it shall be rounded
to the nearest multiple of one hundred dollars.
"Sales price differential factor" means the average price
of residential property in the county divided by the statewide
average. The sales price of property which is held in
condominium or cooperative form of ownership shall not be
considered when determining median sales prices pursuant to
this paragraph. If the median residential sales price is lower
than the statewide average, the sales price differential factor
is 1.0000.
"Qualified homestead property" means homestead property,
as defined in Section 15-175, owned by persons with a household
income, as defined in Section 15-172, of less than $500,000 per
year.