BIL 120 Draft 01 2022-2024 - Laserfiche WebLink

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Section 19-109. Stabilization. Stabilization shall be granted on a continuous basis, commencing with the tax year that immediately follows enrollment into the stabilization program, in the manner hereinafter set forth: (1) Except as to the minimum tax, the real property tax levied on property subject to stabilization shall be the lesser of the stabilized tax or the unstabilized tax. (2) Should the unstabilized tax be less than the stabilized tax, the stabilized tax shall be reduced so as to be equal to the unstabilized tax, provided that the reduction in the unstabilized tax was caused by one or more of the following: (A) A decrease in the homeowner tax rate; (B) A granting of an exemption to the taxpayer for the subject property; (C) An increase in an exemption already granted; or (D) A decrease in the net taxable value of the property as assessed by the director. (3) The stabilized tax shall be adjusted to reflect increases in one or more of the following: (A) The assessed value of property resulting from any construction of new buildings or any improvements, additions, alterations, remodeling, or modifications undertaken upon or made to existing buildings; or (B) The unstabilized tax resulting from the disallowance or expiration of any exemption granted to the subject property at the time the claim for enrollment was filed or thereafter. Section 19-110. Disenrollment; violations and penalties. (a) Any taxpayer who is delinquent by at least two tax payment dates shall be disenrolled. (b) A taxpayer shall file a report to the director within thirty days after the taxpayer ceases to own the subject property. A taxpayer who fails to file a report shall be liable for a civil penalty of$100. (c) Any taxpayer whose property ceases to qualify to be in the homeowner class and who fails to file a report to the director for disenrollment shall be in breach of the stabilization program and shall be liable for a civil penalty of$100 and for the penalty as provided by subsection (e). (d) Any taxpayer who files a fraudulent claim with the intent to deceive shall be in breach of the stabilization program and shall be liable for a fine of$1,000 and for the penalty as provided by subsection (e). (e) Upon a breach of the stabilization program, the tax stabilization shall be cancelled retroactive to the date of enrollment, but for not more than the current tax year plus the two immediately preceding tax years, and all differences in the amount of taxes that were paid and those that would have been due absent stabilization shall be due and payable with a ten percent penalty. (f) The director shall give notice of disenrollment to the affected taxpayer no less than thirty days prior to a specified date of disenrollment. (g) The director shall waive the penalty for any violation of this section resulting from the death of a taxpayer." 2