HB 366

  • Illinois House Bill
  • 101st Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Prop Tx-Natural Disaster

Abstract

Amends the Property Tax Code. In a Section granting a natural disaster homestead exemption, removes language providing that the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. Removes provisions providing that the taxpayer's initial application for a natural disaster homestead exemption must be made no later than the first taxable year after the residential structure is rebuilt. Provides that, if the square footage of the rebuilt structure exceeds 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster, then the amount of the natural disaster homestead exemption is the equalized assessed value per square foot of the rebuilt structure multiplied by 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster minus the base amount. Provides that the amendatory Act is retroactive to the 2012 taxable year. Sets forth provisions concerning the valuation of farm improvements that have been rebuilt following a natural disaster. Effective immediately.

Bill Sponsors (8)

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Actions


Mar 29, 2019

House

Rule 19(a) / Re-referred to Rules Committee

Mar 13, 2019

House

Added Co-Sponsor Rep. Robert Martwick

House

Added Co-Sponsor Rep. Michael D. Unes

Feb 27, 2019

House

Added Co-Sponsor Rep. Jerry Costello, II

House

Added Co-Sponsor Rep. Charles Meier

House

Added Co-Sponsor Rep. Thomas M. Bennett

Feb 14, 2019

House

To Property Tax Subcommittee

Feb 05, 2019

House

Assigned to Revenue & Finance Committee

Jan 29, 2019

House

Added Co-Sponsor Rep. Tony McCombie

Jan 18, 2019

House

Referred to Rules Committee

House

First Reading

Jan 16, 2019

House

Filed with the Clerk by Rep. Michael T. Marron

House

Chief Co-Sponsor Rep. Avery Bourne

Bill Text

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