Loading chat...

IL HB5871

Bill

Official Source

Status

Failed

12/3/2014

Primary Sponsor

Sam Yingling

Click for details

Origin

House of Representatives

98th General Assembly

AI Summary

  • Adds a new homestead exemption for first-time homebuyers beginning in taxable year 2015, reducing equalized assessed value by up to $250,000
  • Exemption applies only to the first full taxable year the first-time homebuyer owns and occupies the property as their principal dwelling place
  • Defines "first-time homebuyer" as an individual who has not held ownership interest in any residential property prior to January 1 of the calendar year of purchase
  • Requires application during the county's application period, with county assessors determining eligibility through application, inspection, questionnaire, or other reasonable methods
  • Exempts the state from reimbursing counties for implementation costs under the State Mandates Act

Legislative Description

PROP TX- FIRST-TIME HOMEBUYER

Last Action

Session Sine Die

12/3/2014

Committee Referrals

Rules3/28/2014
Property Tax3/11/2014
Revenue & Finance3/6/2014
Rules2/14/2014

Full Bill Text

No bill text available