35 ILCS 200/15-172 — Illinois Code / Chapter 35 / Act 200 / Section 15-172
Section 15-172
Status: in_force

(35 ILCS 200/15-172) Sec. 15-172. Low-Income Senior Citizens Assessment Freeze Homestead Exemption. (a) This Section may be cited as the Low-Income Senior Citizens Assessment Freeze Homestead Exemption. (b) As used in this Section: "Applicant" means an individual who has filed an application under this Section. "Base amount" means the base year equalized assessed value of the residence plus the first year's equalized assessed value of any added improvements which increased the assessed value of the residence after the base year. "Base year" means the taxable year prior to the taxable year for which the applicant first qualifies and applies for the exemption provided that in the prior taxable year the property was improved with a permanent structure that was occupied as a residence by the applicant who was liable for paying real property taxes on the property and who was either (i) an owner of record of the property or had legal or equitable interest in the property as evidenced by a written instrument or (ii) had a legal or equitable interest as a lessee in the parcel of property that was single family residence. If in any subsequent taxable year for which the applicant applies and qualifies for the exemption the equalized assessed value of the residence is less than the equalized assessed value in the existing base year (provided that such equalized assessed value is not based on an assessed value that results from a temporary irregularity in the property that reduces the assessed value for one or more taxable years), then that subsequent taxable year shall become the base year until a new base year is established under the terms of this paragraph. For taxable year 1999 only, the Chief County Assessment Officer shall review (i) all taxable years for which the applicant applied and qualified for the exemption and (ii) the existing base year. The assessment officer shall select as the new base year the year with the lowest equalized assessed value. An equalized assessed value that is based on an assessed value that results from a temporary irregularity in the property that reduces the assessed value for one or more taxable years shall not be considered the lowest equalized assessed value. The selected year shall be the base year for taxable year 1999 and thereafter until a new base year is established under the terms of this paragraph. "Chief County Assessment Officer" means the County Assessor or Supervisor of Assessments of the county in which the property is located. "Equalized assessed value" means the assessed value as equalized by the Illinois Department of Revenue. "Household" means the applicant, the spouse of the applicant, and all persons using the residence of the applicant as their principal place of residence. "Household income" means the combined income of the members of a household for the calendar year preceding the taxable year. "Income" has the same meaning as provided in Section 3.07 of the Senior Citizens and Persons with Disabilities Property Tax Relief Act, except that, beginning in assessment year 2001, "income" does not include veteran's benefits. "Internal Revenue Code of 1986" means the United States Internal Revenue Code of 1986 or any successor law or laws relating to federal income taxes in effect for the year preceding the taxable year. "Life care facility that qualifies as a cooperative" means a facility as defined in Section 2 of the Life Care Facilities Act. "Maximum income limitation" means: (1) $35,000 prior to taxable year 1999; (2) $40,000 in taxable years 1999 through 2003; (3) $45,000 in taxable years 2004 through 2005; (4) $50,000 in taxable years 2006 and 2007; (5) $55,000 in taxable years 2008 through 2016; (6) for taxable year 2017, (i) $65,000 for qualified property located in a county with