General Assembly Approves Omnibus Property Tax Legislation


Several changes to property tax policies and exemptions were approved by the General Assembly prior to the adjournment of the spring session. HB 2507 (Rep. Croke/Sen. Villanueva) includes the following provisions:

  • Changes the veteran’s homestead exemption for WWII veterans; adjustments also address service-connected disabilities and surviving spouses.
  • Implements a homestead exemption for surviving spouses of fallen police officers and fallen rescue workers (in an amount equal to 50% of the equalized assessed value of the property).
  • Alters the valuation of non-profit wastewater facilities.
  • Addresses the Historic Residence Assessment Freeze Law, providing that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Directs that -- after the expiration of the eight-year valuation period -- if the current fair cash value is less than the adjusted base year valuation, the assessment is to be based on the current fair cash value.
  • Makes changes concerning multi-township assessors.
  • Directs that property that is used for a petroleum refinery may be the subject of a real property tax assessment settlement agreement among the taxpayer and taxing districts in which the property is situated.
  • Changes the Park District Aquarium and Museum Act. Allows the board of park commissioners or corporate authorities of a municipality (currently, only boards of park commissioners) to levy a tax -- if the park district or municipality has control of a public park or parks within the park district or municipality in which an aquarium or museum is maintained.
  • Amends the Property Tax Extension Limitation Law of the Property Tax Code. Provides that extensions for levies (made under the Park District and Municipal Aquarium and Museum Act) are special purpose extensions and are not included in the park district's or municipality's aggregate extension.
  • Establishes an exemption for municipality-built homes.
  • Directs that real property that is used to provide services requiring a license (under the Nursing Home Care Act or under the Specialized Mental Health Facilities Act) is not to have a higher level of assessment than residential property in the county in which the nursing home or mental health services facility is located.

The Governor will next consider the legislation. ISACo did not take a position on the bill.