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Record #: SO2015-6461   
Type: Ordinance Status: Passed
Intro date: 9/24/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 7/20/2016
Title: Amendment of Municipal Code Chapter 2-32 by adding new Section 2-32-627 entitled "Property Tax Relief Program"
Sponsors: Moreno, Proco Joe, Moore, Joseph, Dowell, Pat, Solis, Daniel, Pawar, Ameya, Sawyer, Roderick T., Cappleman, James, Santiago, Milagros, Scott, Jr. Michael, Moore, David H., Mitts, Emma, Curtis, Derrick G., Thompson, Patrick D., Ramirez-Rosa, Carlos, Burnett, Jr., Walter, Quinn, Marty, Reboyras, Ariel, Beale, Anthony, Arena, John
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 32 Dept. of Finance
Attachments: 1. SO2015-6461.pdf, 2. O2015-6461.pdf
Related files: O2015-7778



SECTION 1. Chapter 2-32 of the Municipal Code of Chicago is hereby amended by inserting a new Section 2-32-627, as follows:

2-32-627 Property tax relief program.

(a) As used in this section:

"Adjusted Gross Income" or "AGI" means adjusted gross income as defined in the Internal Revenue Code of the United States of America, 26 U.S.C. ยง 62.

"Applicable year" means tax year 2015.

"Director" means the Director of the Office of Budget and Management of the City of Chicago, or the Director's designee.

"Homeowner" means an individual who, at the time of the application and since January 1, 2014: (i) was the owner of record of, or had a legal or equitable interest in, property in this city that was used by the individual as the individual's principal place of residence; and (ii) was liable for paying the property taxes on the property, either directly or indirectly as the owner of a unit in a residential cooperative or as the owner of a beneficial interest in an Illinois land trust. For purposes of the definition of "homeowner," an equitable interest shall include a beneficial interest in property that is held by the owner of a unit in a residential cooperative or in an Illinois land trust.

"Household" means the homeowner and the spouse or domestic partner of the homeowner.

"Household adjusted gross income" or "HAGI" means the combined adjusted gross income of the household for the applicable year.

"Property taxes" means the taxes on real property for which a homeowner is liable under the Property Tax Code, 35 ILCS 200/1-1 et seq., when that property is used by the homeowner as the homeowner's principal place of residence.

"Property tax increase" means the amount by which the property taxes payable to the City of Chicago in tax year 2015 exceeds the property taxes payable to the City of Chicago in tax year 2014 for the same property.

|1010|"Senior homeowner"...

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