[ Back ] [ Bottom ]
91_SB1883enr
SB1883 Enrolled LRB9113239SMdv
1 AN ACT to amend the Property Tax Code by changing
2 Sections 10-245 and 10-250.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Sections 10-245 and 10-250 as follows:
7 (35 ILCS 200/10-245)
8 Sec. 10-245. Method of valuation of Section 515
9 low-income housing projects. Notwithstanding Section 1-55
10 and except in counties with a population of more than 200,000
11 that classify property for the purposes of taxation, to
12 determine 33 and one-third percent of the fair cash value of
13 any Section 515 low-income housing project, in assessing the
14 project, local assessment officers must consider the actual
15 or probable net operating income attributable to the project,
16 using a vacancy rate of not more than 5%, capitalized at
17 normal market rates values. The interest rate to be used in
18 developing the normal market value capitalization rate shall
19 be one that reflects the prevailing cost of cash for other
20 types of commercial real estate in the geographic market in
21 which the Section 515 project is located.
22 (Source: P.A. 91-651, eff. 1-1-00.)
23 (35 ILCS 200/10-250)
24 Sec. 10-250. Certification procedure and effective date
25 of implementation. After (i) an application for a Section 515
26 low-income housing project certificate is filed with the
27 State Director of the United States Department of Agriculture
28 Rural Development Office in a manner and form prescribed in
29 regulations issued by the office and (ii) the certificate is
30 issued certifying that the housing is a Section 515
SB1883 Enrolled -2- LRB9113239SMdv
1 low-income housing project as defined in Section 2 of this
2 Act, the certificate must be presented to the appropriate
3 local assessment officer to receive the property assessment
4 valuation under this Division. The local assessment officer
5 must assess the property according to this Act. Beginning on
6 January 1, 2000, all certified Section 515 low-income housing
7 projects shall be assessed in accordance with Section 10-245.
8 The effective date of a certificate is the date of
9 application for the certificate or the date of the
10 construction of the project, whichever is later.
11 (Source: P.A. 91-651, eff. 1-1-00.)
12 Section 99. Effective date. This Act takes effect upon
13 becoming law.
[ Top ]