State of Illinois
91^st General Assembly
Public Acts

Public Act 91-0884

SB1883 Enrolled                                LRB9113239SMdv

    AN ACT  to  amend  the  Property  Tax  Code  by  changing
Sections 10-245 and 10-250.

    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 10-245 and 10-250 as follows:

    (35 ILCS 200/10-245)
    Sec.   10-245.   Method   of  valuation  of  Section  515
low-income housing projects.   Notwithstanding  Section  1-55
and except in counties with a population of more than 200,000
that  classify  property  for  the  purposes  of taxation, to
determine 33 and one-third percent of the fair cash value  of
any  Section 515 low-income housing project, in assessing the
project, local assessment officers must consider  the  actual
or probable net operating income attributable to the project,
using  a  vacancy  rate  of  not more than 5%, capitalized at
normal market rates values. The interest rate to be  used  in
developing  the normal market value capitalization rate shall
be one that reflects the prevailing cost of  cash  for  other
types  of  commercial real estate in the geographic market in
which the Section 515 project is located.
(Source: P.A. 91-651, eff. 1-1-00.)

    (35 ILCS 200/10-250)
    Sec. 10-250. Certification procedure and  effective  date
of implementation. After (i) an application for a Section 515
low-income  housing  project  certificate  is  filed with the
State Director of the United States Department of Agriculture
Rural Development Office in a manner and form  prescribed  in
regulations  issued by the office and (ii) the certificate is
issued  certifying  that  the  housing  is  a   Section   515
low-income  housing  project  as defined in Section 2 of this
Act, the certificate must be  presented  to  the  appropriate
local  assessment  officer to receive the property assessment
valuation under this Division. The local  assessment  officer
must  assess the property according to this Act. Beginning on
January 1, 2000, all certified Section 515 low-income housing
projects shall be assessed in accordance with Section 10-245.
The  effective  date  of  a  certificate  is  the   date   of
application   for   the   certificate  or  the  date  of  the
construction of the project, whichever is later.
(Source: P.A. 91-651, eff. 1-1-00.)

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