Senate Bill 543 (PA 96-0480) This legislation temporarily expands the eligibility criteria for the Subdivider Preferential Assessment originally under 35 ILCS 200/10-30 (new provisions under 35 ILCS 200/10-31).
Senate Bill 207 (PA 96-0122) This legislation alters the required content of the Change of Assessment Notice, effective 01/01/2010.
House Bill 664 (PA 95-644) was enacted on 11/30/2007. This law creates three new homestead exemptions, the Disabled Persons, the Disabled Veterans Standard, and the Returning Veterans Homestead Exemptions.
The law also alters the following homestead exemptions:
- Senior Homestead Exemption: The maximum amount of assessment reduction is increased from $3,500 (2007 tax year) to $4,000 for the 2008, payable in 2009 tax year.
- Senior Citizens Assessment Freeze Homestead Exemption: The tiered reduction of the exemption's benefit tied to household income is removed for the 2007, payable in 2008 tax year. Further, the maximum eligible total household income would be increased to $55,000 for the 2008, payable in 2009 tax year under this legislation.
- General Homestead Exemption: The maximum amount of assessment reduction is increased from $5,000 (2007 tax year) to $5,500 for the 2008 tax year, and $6,000 in the 2009, payable in 2010 tax year.
Property Tax Extension Limitation Law Changes
Public Act 94-976, which went into effect on June 30, 2006, alters portions of PTELL. The Illinois Department of Revenue has provided a memorandum that discusses these changes. PA 94-976 Memo
Senior Citizens Property Tax Exemption Changes
On May 21, 2006, PA 94-974 was enacted. This law affects three senior citizen property tax related programs.