35 ILCS 200/15-180
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 4 - Exemptions

Sec. 15-180. Homestead improvements.   Homestead properties that have been  improved and residential structures on homestead property that have been  rebuilt following a catastrophic event are entitled to a homestead improvement  exemption, limited to $30,000 per year through December 31, 1997,   $45,000 beginning January 1, 1998 and through December 31, 2003, and $75,000  per year for that homestead property beginning  January 1, 2004  and thereafter, in fair cash value, when that  property  is owned and used exclusively for a residential purpose and upon demonstration  that a proposed increase in assessed value is attributable solely to a new  improvement of an existing structure or the rebuilding of a residential  structure following a catastrophic event.  To be eligible for an exemption  under this Section after a catastrophic event, the residential structure must  be rebuilt within 2 years after the catastrophic event. The exemption for  rebuilt structures under this Section applies to the increase in value of the  rebuilt structure over the value of the structure before the catastrophic  event.  The amount of the exemption shall be limited to the fair cash value  added by the new improvement or rebuilding and shall continue    for 4 years from  the date the improvement or rebuilding is completed and occupied, or until the  next following general assessment of that property, whichever is later.A proclamation of disaster by the President of the United States or Governor  of the State of Illinois is not a prerequisite to the classification of an  occurrence as a catastrophic event under this Section.  A "catastrophic event"  may include an occurrence of widespread or severe damage or loss of property  resulting from any catastrophic cause including but not limited to fire,  including arson (provided the fire was not caused by the willful action of an  owner or resident of the property), flood, earthquake, wind, storm, explosion,  or extended periods of severe inclement weather.  In the case of a residential  structure affected by flooding, the structure shall not be eligible for this  homestead improvement exemption unless it is located within a local  jurisdiction which is participating in the National Flood Insurance Program.In counties of less than 3,000,000 inhabitants, in addition to the notice  requirement under Section 12-30, a supervisor of assessments, county assessor,  or township or multi-township assessor responsible for adding an assessable  improvement to a residential property's assessment shall either notify a  taxpayer whose assessment has been changed since the last preceding assessment  that he or she may be eligible for the exemption provided under this Section or  shall grant the exemption automatically.Beginning January 1, 1999, in counties of 3,000,000 or more inhabitants,  an application for a  homestead  improvement exemption for a residential structure that has been rebuilt  following a catastrophic event must be submitted to the Chief County Assessment  Officer with a valuation complaint and a copy of the building permit to rebuild  the structure.  The Chief County Assessment Officer may require additional  documentation which must be provided by the applicant.Notwithstanding Sections 6 and 8 of the State Mandates Act, no reimbursement by the State is required for the implementation of any mandate created by this Section.       (Source: P.A. 93-715, eff. 7-12-04.)