Bill Text: IL HB4437 | 2023-2024 | 103rd General Assembly | Introduced

---

Bill Title: Amends the Property Tax Code. Creates a homestead exemption, subject to certain limitations, for property that is located within a special flood hazard area as identified by the Federal Emergency Management Agency. Provides that the amount of the exemption shall be a reduction in the property's equalized assessed value of $5,000. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB4437 Detail]

Download: Illinois-2023-HB4437-Introduced.html

---

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4437 Introduced , by Rep. Maurice A. West, II SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-190 new
Amends the Property Tax Code. Creates a homestead exemption, subject to certain limitations, for property that is located within a special flood hazard area as identified by the Federal Emergency Management Agency. Provides that the amount of the exemption shall be a reduction in the property's equalized assessed value of $5,000. Effective immediately.
LRB103 36118 HLH 66209 b
A BILL FOR
HB4437 LRB103 36118 HLH 66209 b
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 15-190 as follows:
(35 ILCS 200/15-190 new)
Sec. 15-190. Residential affordability in flood threatened
areas homestead exemption.
(a) Beginning in taxable year 2025, subject to the
limitations set forth in subsection (b), a homestead exemption
shall be granted by the chief county assessment officer for
homestead property that is located within a special flood
hazard area as identified by the Federal Emergency Management
Agency. The amount of the exemption shall be a reduction in the
property's equalized assessed value of $5,000.
(b) Homestead property is not eligible for the exemption
under this Section if:
(1) construction of the primary residence on the
property was initially completed on or after the date on
which the property was first included in the special flood
hazard area; or
(2) the property is owned and used as the primary
residence of a person or persons whose household income

HB4437 - 2 - LRB103 36118 HLH 66209 b
exceeds 120% of the area median income as defined by the
United States Department of Housing and Urban Development.
(c) To receive the exemption under this Section, the
taxpayer shall submit an application to the chief county
assessment officer of the county in which the property is
located by July 1 of each taxable year. A county may, by
resolution, establish a date for submission of applications
that is different than July 1. The chief county assessment
officer may determine the eligibility of residential property
to receive the homestead exemption under this Section by
application, visual inspection, questionnaire, or other
reasonable methods.
(d) The application shall be clearly marked as an
application for the Residential Affordability in Flood
Threatened Areas Exemption.
(e) As used in this Section:
"Chief county assessment officer" means the county
assessor or supervisor of assessments of the county in which
the property is located.
"Homestead property" has the meaning given to that term in
Section 15-175 of this Code.
"Household" means the applicant, the spouse of the
applicant, and all persons using the residence of the
applicant as their principal place of residence.
"Household income" means the combined income of the
members of a household for the calendar year preceding the

HB4437 - 3 - LRB103 36118 HLH 66209 b
taxable year.
(f) Notwithstanding Sections 6 and 8 of the State Mandates
Act, no reimbursement by the State is required for the
implementation of any mandate created by this Section.