[ Home ] [ ILCS ] [ Search ] [ Bottom ]
[ Other General Assemblies ]
Public Act 91-0806
HB3428 Engrossed LRB9111534SMdv
AN ACT to amend the Property Tax Code by changing
Sections 10-40, 10-45, and 10-55.
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
Sections 10-40, 10-45, and 10-55 as follows:
(35 ILCS 200/10-40)
Sec. 10-40. Historic Residence Assessment Freeze Law
residences; definitions. This Section and Sections 10-45
through 10-85 may be cited as the Historic Residence
Assessment Freeze Law. As used in this Section and Sections
10-45 through 10-85:
(a) "Director" means the Director of Historic
Preservation.
(b) "Approved county or municipal landmark ordinance"
means a county or municipal ordinance approved by the
Director.
(c) "Historic building" means an owner-occupied single
family residence or an owner-occupied multi-family residence
and the tract, lot or parcel upon which it is located, or a
building or buildings owned and operated as a cooperative,
if:
(1) individually listed on the National Register of
Historic Places or the Illinois Register of Historic
Places;
(2) individually designated pursuant to an approved
county or municipal landmark ordinance; or
(3) within a district listed on the National
Register of Historic Places or designated pursuant to an
approved county or municipal landmark ordinance, if the
Director determines that the building is of historic
HB3428 Engrossed -2- LRB9111534SMdv
significance to the district in which it is located.
Historic building does not mean an individual unit of a
cooperative.
(d) "Assessment officer" means the chief county
assessment officer.
(e) "Certificate of rehabilitation" means the
certificate issued by the Director upon the renovation,
restoration, preservation or rehabilitation of an historic
building under this Code.
(f) "Rehabilitation period" means the period of time
necessary to renovate, restore, preserve or rehabilitate an
historic building as determined by the Director.
(g) "Standards for rehabilitation" means the Secretary
of Interior's standards for rehabilitation as promulgated by
the U.S. Department of the Interior.
(h) "Fair cash value" means the fair cash value of the
historic building, determined on the basis of the assessment
officer's property record card, representing the value of the
property prior to the commencement of rehabilitation without
consideration of any reduction reflecting value during the
rehabilitation work.
(i) "Base year valuation" means the fair cash value of
the historic building for the year in which the
rehabilitation period begins but prior to the commencement of
the rehabilitation and does not include any reduction in
value during the rehabilitation work.
(j) "Adjustment in value" means the difference for any
year between the then current fair cash value and the base
year valuation.
(k) "Eight-year valuation period" means the 8 years from
the date of the issuance of the certificate of
rehabilitation.
(l) "Adjustment valuation period" means the 4 years
following the 8 year valuation period.
HB3428 Engrossed -3- LRB9111534SMdv
(m) "Substantial rehabilitation" means interior or
exterior rehabilitation work that preserves the historic
building in a manner that significantly improves its
condition.
(n) "Approved local government" means a local government
that has been certified by the Director as:
(1) enforcing appropriate legislation for the
designation of historic buildings;
(2) having established an adequate and qualified
historic review commission;
(3) maintaining a system for the survey and
inventory of historic properties;
(4) providing for adequate public participation in
the local historic preservation program; and
(5) maintaining a system for reviewing applications
under this Section in accordance with rules and
regulations promulgated by the Director.
(o) "Cooperative" means a building or buildings and the
tract, lot, or parcel on which the building or buildings are
located, if the building or buildings are devoted to
residential uses by the owners and fee title to the land and
building or buildings is owned by a corporation or other
legal entity in which the shareholders or other co-owners
each also have a long-term proprietary lease or other
long-term arrangement of exclusive possession for a specific
unit of occupancy space located within the same building or
buildings.
(p) "Owner", in the case of a cooperative, means the
Association.
(q) "Association", in the case of a cooperative, means
the entity responsible for the administration of a
cooperative, which entity may be incorporated or
unincorporated, profit or nonprofit.
(r) "Owner-occupied single family residence" means a
HB3428 Engrossed -4- LRB9111534SMdv
residence in which the title holder of record (i) holds fee
simple ownership and (ii) occupies the property as his, her,
or their principal residence.
(s) "Owner-occupied multi-family residence" means
residential property comprised of not more than 6 living
units in which the title holder of record (i) holds fee
simple ownership and (ii) occupies one unit as his, her, or
their principal residence. The remaining units may be
leased.
The changes made to this Section by this amendatory Act
of the 91st General Assembly are declarative of existing law
and shall not be construed as a new enactment.
(Source: P.A. 89-675, eff. 8-14-96; 90-114, eff. 1-1-98.)
(35 ILCS 200/10-45)
Sec. 10-45. Valuation during 8 year valuation period. In
furtherance of the policy of encouraging the rehabilitation
of historic residences, property certified pursuant to this
Historic Residence Assessment Freeze Law shall be eligible
for an assessment freeze, as provided in this Section,
eliminating from consideration, for assessment purposes, the
value added by the rehabilitation and limiting the total
valuation to the base year valuation as defined in subsection
(i) of Section 10-40. For all property upon which the
Director has issued a certificate of rehabilitation, the
valuation for purposes of assessment shall not exceed the
base year valuation for the entire 8-year valuation period,
unless a taxing district elects, under Section 10-85, that
the provisions of this Section shall not apply to taxes that
are levied by that taxing district. In the event that
election is made, the property shall be valued under Section
9-145 or 9-150 for the purpose of extending taxes of that
taxing district. The changes made to this Section by this
amendatory Act of the 91st General Assembly are declarative
HB3428 Engrossed -5- LRB9111534SMdv
of existing law and shall not be construed as a new
enactment.
(Source: P.A. 82-1023; 88-455.)
(35 ILCS 200/10-55)
Sec. 10-55. Application process and application period.
(a) The Director shall receive applications for
certificates of rehabilitation in a form and manner provided
by him or her by rule. The Director shall promptly notify the
assessment officer of receipt of such applications. The rules
shall provide that an applicant may request preliminary
approval of rehabilitation before the rehabilitation period
begins.
(b) The Director shall approve an application for a
certificate of rehabilitation when he or she finds that the
restoration, preservation or rehabilitation:
(1) involves an historic building;
(2) has a cost, including architectural fees, equal
to or greater than 25% of the base year valuation;
(3) is for a building for which no certificate of
rehabilitation has been approved within 4 years after the
last year of the adjustment valuation period;
(4) was or will be done in accordance with the
standards for rehabilitation; and
(5) was or will be a substantial rehabilitation.
(c) The Director shall determine the length of the
rehabilitation period, which shall not exceed 2 years unless
the Director finds:
(1) it is economically unfeasible to complete the
rehabilitation in that period; or
(2) the magnitude of the project is such that a
good faith attempt to complete the rehabilitation in that
period would not succeed.
(d) Upon approval of the application, the Director shall
HB3428 Engrossed -6- LRB9111534SMdv
issue a certificate of rehabilitation to the applicant and
transmit a copy to the assessment officer. The certificate
shall identify the rehabilitation period.
(e) If during the 8-year valuation period and the
adjustment valuation period, the Director determines, in
accordance with the Illinois Administrative Procedure Act,
that an historic building for which a certificate of
rehabilitation has been issued has not been the subject of
repair, renovation, remodeling or improvement in accordance
with the standards for rehabilitation, he or she shall revoke
the certificate of rehabilitation by written notice to the
taxpayer of record and transmit a copy of the revocation to
the assessment officer.
The provisions in Section 10-40 through 10-85 apply to
certified rehabilitation projects for which an application
for a certificate of rehabilitation has been filed with the
Director within 2 years of the rehabilitation period.
(Source: P.A. 91-357, eff. 7-29-99.)
[ Top ]