HB 1280

Abstract

Amends the Property Tax Code. Provides that, in Cook County, homestead property must be valued at 100% of its fair cash value. Requires the Cook County Clerk to abate the property taxes levied on homestead property in an amount equal to: (1) the amount of the aggregate extension of all taxing districts against the property; less (2) an amount equal to 1% of the equalized assessed value of the property. Sets forth procedures to apply this abatement to the aggregate extensions of each taxing district. Creates the Cook County general homestead exemption to limit the assessment increases if homestead property to the lesser of: (i) 2%; or (ii) the increase in the CPI. Sets forth the taxable years in which this general homestead exemption applies. Amends the State aid provisions of the School Code to provide that, if the general homestead exemption is determined under the Cook County general homestead exemption provisions, then the available local resources are not effected. In provisions concerning the Property Tax Extension Limitation Law in the Property Tax Code, defines "extension limitation", for the 2007 taxable year and thereafter, as (a) the lesser of 2% (now, 5%) or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters. Amends various Acts to include a cross reference to the Cook County general homestead exemption provision in the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.