HB5273 103RD GENERAL ASSEMBLY

LRB103 38024 HLH 68156 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5273

Introduced 2/9/2024, by Rep. Stephanie A. Kifowit

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-87 new

Amends the Property Tax Code. Creates a reduction in the equalized assessed value of property containing a qualified nursing home in an amount equal to 50% of the equalized assessed value of the nursing home property. Provides that a qualified nursing home is a facility licensed under the Nursing Home Care Act that is located in a census tract with a median household income of less than 150% of the federal poverty level and that has a resident population that is at least 90% Medicaid eligible. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-87 as follows:

(35 ILCS 200/15-87 new)

Sec. 15-87. Nursing home reduced valuation.

(a) Notwithstanding any other provision of law, for taxable year 2025 and thereafter, property containing a qualified nursing home is entitled to a reduction in its equalized assessed value equal to 50% of its equalized assessed value.

(b) Each qualified nursing home applying for a reduction under this Section shall apply to the chief county assessment officer of the county in which the nursing home is located in the form and manner required by the chief county assessment officer. The application shall specify the records required in support of the application, and those records shall be submitted to the chief county assessment officer with the application form.

(c) As used in this Section, "qualified nursing home" means a facility licensed under the Nursing Home Care Act that (i) is located in a census tract with a median household income of less than 150% of the federal poverty level, as determined using the poverty guidelines updated periodically in the Federal Register by the United States Department of Health and Human Services under the authority of 42 U.S.C. 9902(2), and (ii) has a resident population that is at least 90% Medicaid eligible.

Section 99. Effective date. This Act takes effect upon becoming law.