PROP TX-BLIGHTED HOMESTEAD House SponsorsRep. Aaron Schock 1/9/2007HouseSession Sine Die 35 ILCS 200/15-177 new65 ILCS 5/Art. 11 Div. 74.7 heading new65 ILCS 5/11-74.7-1 new65 ILCS 5/11-74.7-5 new65 ILCS 5/11-74.7-10 new65 ILCS 5/11-74.7-15 new30 ILCS 805/8.30 new Amends the Property Tax Code and the Illinois Municipal Code. Authorizes corporate authorities of a municipality may designate an area of the municipality as a blighted homestead area. Sets forth the requirements and the procedures for making this designation. Provides that the designation for a blighted homestead area becomes effective at the beginning of the next taxable year after the ordinance is adopted and continues for the next 6 taxable years thereafter. Provides that blighted homestead property is entitled to an annual homestead exemption in an amount equal to the equalized assessed value of the residence in that current taxable year minus the equalized assessed value of the residence during the taxable year in which a municipality designated the property to be a blighted homestead. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. 1/27/2006HouseFiled with the Clerk by Rep. Aaron Schock 1/27/2006HouseFirst Reading 1/27/2006HouseReferred to Rules Committee 1/9/2007HouseSession Sine Die