Bill Text: IL HB3568 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that the aggregate real property tax liability imposed on a qualified senior residence by a county or other taxing district shall not exceed 1.5% of the equalized assessed value of that property in any taxable year. Defines "qualified senior residence", "taxable year", and "equalized assessed value".

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB3568 Detail]

Download: Illinois-2021-HB3568-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB3568 Introduced , by Rep. David A. Welter SYNOPSIS AS INTRODUCED:
35 ILCS 200/24-37 new
Amends the Property Tax Code. Provides that the aggregate real property tax liability imposed on a qualified senior residence by a county or other taxing district shall not exceed 1.5% of the equalized assessed value of that property in any taxable year. Defines "qualified senior residence", "taxable year", and "equalized assessed value".
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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 local government.
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 24-37 as follows:
(35 ILCS 200/24-37 new)
Sec. 24-37. Statutory level of aggregate taxation on
qualified senior residences.
(a) As used in this Section:
"Qualified senior residence" means:
(1) the principal dwelling place and appurtenant
structures used for residential purposes in this State
occupied on January 1 of the taxable year by a
household and so much of the surrounding land,
constituting the parcel upon which the dwelling place
is situated, as is used for residential purposes. If
the chief county assessment officer has established a
specific legal description for a portion of property
constituting the residence, then that portion of
property shall be deemed the residence for the
purposes of this Section;
(2) real property that is occupied as a residence
by a person 65 years of age or older who is liable for

HB3568 - 2 - LRB102 14059 HLH 19411 b
paying real estate taxes on the property and is an
owner of record of the property or has legal or
equitable interest therein as evidenced by a written
instrument, except for a leasehold interest, other
than a leasehold interest of land on which a
single-family residence is located, which is occupied
as a residence by a person 65 years or older who has a
legal, equitable, or lessee interest therein, and on
which he or she is liable for the payment of property
taxes; and
(3) that has an equalized assessed value of less
than $350,000.
"Taxable year" means the calendar year during which ad
valorem property taxes payable in the next succeeding year
are levied.
"Equalized assessed value" means the assessed value as
equalized by the Illinois Department of Revenue.
(b) Notwithstanding any other provision of law, the
aggregate real property tax liability imposed on a qualified
senior residence by a county or other taxing district shall
not exceed 1.5% of the equalized assessed value of that
property in any taxable year.