HB 4068 — PROP TAX-EXEMPTIONS

0 sponsors · 1 co-sponsors · 182 not signed on

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Frequently asked questions

What does HB 4068 do?

Amends the Property Tax Code. Amends the Senior Citizens Homestead Exemption provisions to provide that, if a property has been granted a homestead exemption under these provisions, then the person qualifying need not reapply for the exemption. Increases the ceiling for household income eligibility for the Senior Citizens Assessment Freeze Homestead Exemption provisions, for taxable years 2003 and thereafter, from $40,000 per year to $45,000 per year and provides that the exemption amount shall be $2,500 in all counties (now, $2,500 in Cook County and $2,000 in all other counties). Provides that the exemption amount for the general homestead exemption shall be $4,500 in all counties (now, $4,500 in Cook County and $3,500 in all other counties). Creates a general homestead exemption provision that applies only to counties subject to the Property Tax Extension Limitation Law. Provides that the amount of the exemption is the equalized assessed value of the homestead property for the current tax year minus the adjusted homestead value. Defines "adjusted homestead value" as the lesser of (i) the property's base homestead value increased by 7% for each tax year after 2002 through and including the current tax year or (ii) the property's equalized assessed value for the current tax year minus $4,500. Provides that "base homestead value" means the equalized assessed value of the property for tax year 2002 prior to exemptions, minus $4,500. Establishes procedures for determining the base homestead value of property improved after the 2002 tax year. Sunsets the provisions after the 2010 assessment year. Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property Tax Allocation Act, the County Economic Development Project Area Tax Increment Allocation Act of 1991, the Economic Development Project Area Tax Increment Allocation Act of 1995, the Tax Increment Allocation Redevelopment Act and the Industrial Jobs Recovery Law in the Illinois Municipal Code, the School Code, and the Criminal Code of 1961 to include a cross reference to the new general homestead exemption provision in the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement for the new general homestead exemption and the Senior Citizens Assessment Freeze Homestead Exemption. Effective immediately.

Who sponsors HB 4068?

HB 4068 is sponsored by Carole Pankau.

What is the current status of HB 4068?

This bill died with 93rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track HB 4068?

Track HB 4068 free on One Click Politics — get push/email alerts when it moves.