HB 23

Abstract

Amends the Property Tax Code. In a Section concerning the alternative general homestead exemption, extends the alternative exemption by an additional 3 years. Provides that, to subject itself to the provisions of the alternative general homestead exemption, a county, if it has not previously done so, must adopt an ordinance to that effect within 6 months after the effective date of this amendatory Act. Provides that Cook County may elect, by an ordinance adopted within 6 months after the effective date of this amendatory Act, to extend the application of the alternative general homestead exemption for 3 additional assessment years. Provides that the maximum amount of the exemption is $60,000 if the general assessment year for the property is 2006 or later. Provides that the base year for counties other than Cook County is the 2005 or 2006 tax year. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.