SB 2079

Abstract

Amends the Property Tax Code. Creates the Citizens' Assessment Freeze Exemption. Beginning in taxable year 2005, an assessment freeze exemption is granted for real property that is owned by an Illinois taxpayer or leased by a lessee who is an Illinois taxpayer who has a legal or equitable ownership interest in the property as lessee and is liable for the payment of real property taxes on that property. Provides that the amount of this exemption is the equalized assessed value of the property in the taxable year for which application is made minus the base amount. Defines "base amount" as the base year equalized assessed value of the property plus the first year's equalized assessed value of any added improvements that increased the assessed value of the property after the base year. Defines "base year" as the taxable year prior to the taxable year for which the applicant first qualifies and applies for the exemption. Provides that, for property that is used for residential or farm purposes, a new base year shall be established when the applicant sells or transfers the property and, for all other property, a new base year shall be established at the earlier of (i) 10 years or (ii) the sale or transfer of the property. Sets forth application procedures for the exemption. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.