Weekly 7-17-13

Illinois REALTOR® Weekly Connection

Weekly Extra!

Homestead Exemption Measure SB 41 Signed by Quinn, Becomes Law

A multi-year fight to alter policy that could have hurt consumers ended Tuesday with Gov. Pat Quinn's signature. The measure unanimously passed both the Illinois House and Senate in the waning days of the 98th General Assembly after tireless work by IAR's members. The bill treats the unknowing property taxpayer, who simple failed to pro-actively determine and notify the Cook County Assessor of their ineligibility, in a much fairer way than what was initially introduced. The bill also enhances the information provided to property taxpayers to ensure that the property owner claims only those exemptions for which they are qualified and contains an amnesty period for this year and future years as part of the assessment notice. 

Read the bill | Watch a video about the fight |Learn about the impact

Momentum Building Against Fire Sprinkler Mandate

The State Fire Marshal's plan to require new residential construction to have fire sprinkler systems and to force many older apartment and condominium buildings to install the systems is gaining opposition. Chicago fire officials and building owners say the requirements that older buildings be retrofitted with the systems is unnecessary and too cost prohibitive. A hearing on the rule changes is scheduled for Aug. 6 in Springfield.

Take part in IAR's Call for Action | The proposed rules | Learn more

New Section 8 Rules Explained for Cook County Landlords

The Cook County Commission will add protections for Source of Income beginningAug. 8. The policy has implications for IAR's members who rent property in Cook County, so the association's legal team has put together a Q&A on what the new rules mean. Learn all about the changes here.

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July 17, 2013