Bill Sponsor
Illinois House Bill 1377
Session 103rd
Prop Tx-New Residential
Active
Active
Passed Senate on May 24, 2024
Sponsors
Democrat
Norma Hernandez
Democrat
Kimberly A. Lightford
First Action
Jan 24, 2023
Latest Action
Jun 21, 2024
Origin Chamber
House
Type
Bill
Bill Number
1377
State
Illinois
Session
103rd
Sponsorship by Party
House Votes (3)
Senate Votes (2)
Motion Text
Third Reading
House Roll Call Votes
Summary
Amends the Property Tax Code. Creates a residential new construction homestead exemption. Provides that the county board of a county with more than 3,000,000 inhabitants, or any other county that elects to be a qualified county, may designate one or more geographic areas within the county as eligible areas. Sets forth certain requirements for an area to be designated as an eligible area. Provides that newly constructed homestead property that is located in an eligible area is entitled to a residential new construction homestead exemption equal to 50% of the assessed value of the property in the current taxable year. Provides that the exemption shall continue for a period of 10 consecutive taxable years or until the property is sold, transferred, or conveyed to a subsequent owner (other than a subsequent owner that meets certain specified conditions), whichever is earlier. Effective immediately. House Committee Amendment No. 2 Deletes reference to: 35 ILCS 200/9-275 35 ILCS 200/15-179 new Adds reference to: 35 ILCS 200/15-174.5 new Replaces everything after the enacting clause. Amends the Property Tax Code. Creates a homestead exemption for eligible property that contains a single family residence that was built no earlier than January 1, 2021 by a municipality and was sold to a private homeowner before January 1, 2035. Provides that the exemption applies for a 10-year period beginning with the tax year following the year in which the property is first sold by the municipality to a private homeowner. Sets forth the amount of the exemption. Effective immediately.
Sources
Record Created
Jan 25, 2023 7:18:01 PM
Record Updated
Jun 29, 2024 4:40:41 PM