Public Act 99-0164 (IL)

Homestead Exemption

Effective date: 7/28/2015

Statutes Amended: 35 ILCS 200/15/175

 

This Act amends the Property Tax Code. It provides that, in counties with 3,000,000 or more inhabitants, when homestead property is sold or transferred, the homestead exemption will remain in effect for the remainder of the assessment year of the sale. When homestead property is sold or transferred, the new owner of the property shall notify the chief county assessment officer of the sale or transfer and, if qualified, reapply for the general homestead. Further, upon notification or application, the chief county assessment officer shall remove any previously granted homestead exemptions for which the property is no longer eligible. If the new owner fails to apply or reapply for a homestead exemption during the applicable filing period, or the property no longer qualifies for an existing homestead exemption, the assessor shall cancel such exemption for any ensuing assessment year.

 

Bill Number: 
SB 780
By: ATG Underwriting Department | Posted on: Thu, 11/12/2015 - 10:04am