Pending House Rules Committee
March 15 2010 - Rule 19(a) / Re-referred to Rules Committee

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 of 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 various Acts to include a cross reference to homestead exemptions granted under Article 15 of the Property Tax Code. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PROP TX-ASSESSMENT AND EXEMPTS

Rep Joyce

2010-03-15 - Rule 19(a) / Re-referred to Rules Committee
2010-03-11 - Remains in Revenue & Finance Committee
2010-03-11 - Recommends Do Pass Subcommittee/ Revenue & Finance Committee; 000-003-000; LOST
2010-02-23 - Assigned to Revenue & Finance Committee
2010-02-11 - Referred to Rules Committee
2010-02-11 - First Reading
2010-02-11 - Filed with the Clerk by Rep. Kevin Joyce