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Public Act 91-0347
SB38 Enrolled LRB9100943PTpk
AN ACT to amend the Property Tax Code by changing Section
10-25.
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 changing
Section 10-25 as follows:
(35 ILCS 200/10-25)
Sec. 10-25. Model homes, townhomes, and condominium
units. If the construction of a single family dwelling is
completed after December 29, 1986 or the construction of a
single family townhome or condominium unit is completed after
the effective date of this amendatory Act of 1994, and that
dwelling, townhome, or condominium unit is not occupied as a
dwelling but is used as a display or demonstration model
home, townhome or condominium unit for prospective buyers of
the dwelling or of similar homes, townhomes, or condominium
units to be built on other property, the assessed value of
the property on which the dwelling, townhome, or condominium
was constructed shall be the same as the assessed value of
the property prior to construction and prior to any change in
the zoning classification of the property prior to
construction of the dwelling, townhome or condominium unit.
The application of this Section shall not be affected if the
display or demonstration model home, townhome or condominium
unit contains home furnishings, appliances, offices, and
office equipment to further sales activities. This Section
shall not be applicable if the dwelling, townhome, or
condominium unit is occupied as a dwelling or the property on
which the dwelling, townhome, or condominium unit is situated
is sold or leased for use other than as a display or
demonstration model home, townhome, or condominium unit. No
property shall be eligible for calculation of its assessed
value under this Section for more than a 10-year period. If
the dwelling, townhome, or condominium unit becomes
ineligible for the alternate valuation, the owner shall
within 60 days file with the chief county assessment officer
a certificate giving notice of such ineligibility.
For the purposes of this Section, no corporation,
individual, sole proprietor or partnership may have more than
a total of 3 model homes, townhomes, or condominium units at
the same time within a 3 mile radius. The center point of
each radius shall be the display or demonstration model that
has been used as such for the longest period of time. The
person liable for taxes on property eligible for assessment
as provided in this Section shall file a verified application
with the chief county assessment officer on or before (i)
April 30 of each assessment year for which that assessment is
desired in counties with a population of 3,000,000 or more
and (ii) December January 31 of each assessment year for
which that assessment is desired in all other counties.
Failure to make a timely filing in any assessment year
constitutes a waiver of the right to benefit for that
assessment year.
(Source: P.A. 88-389; 88-455; 88-660, eff. 9-16-94; 88-670,
eff. 12-2-94.)
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