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Public Act 094-0296
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| HB3763 Enrolled |
LRB094 09099 BDD 39328 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Section 18-177 as follows:
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(35 ILCS 200/18-177)
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Sec. 18-177. Leased low-rent housing abatement. |
(a) In counties of 3,000,000
or more inhabitants, the |
county clerk shall abate property taxes levied by
any taxing |
district under this Code on property that meets the following
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requirements:
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(1) The property does not qualify as exempt property |
under Section
15-95 of this Code.
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(2) The property is situated in a municipality with |
1,000,000 or more
inhabitants and improved with either a |
multifamily dwelling or a multi-building
development that |
is subject to a leasing agreement, regulatory and operating
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agreement, or other similar instrument with a Housing |
Authority created under
the Housing Authorities Act that |
sets forth the terms for leasing low-rent
housing.
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(3) For a period of not less than 20 years, the |
property and
improvements are used solely for low-rent |
housing and related uses.
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Property and portions of property used or intended to be used |
for
commercial purposes are not eligible for the abatement |
provided in this
Section.
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A housing authority created under the Housing Authorities |
Act shall
file annually with the county clerk for any property |
eligible for an abatement
under this Section, on a form |
prescribed by the county clerk, a certificate of
the property's |
use during the immediately preceding year. The certificate
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shall certify that the property or a portion of the property |
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meets the
requirements of this Section and that the eligible |
residential units have been
inspected within the previous 90 |
days and meet or exceed all housing quality
standards of the |
authority. If only a portion of the property meets these
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requirements, the certificate shall state the amount of that |
portion as a
percentage of the total equalized and assessed |
value of the property. If the
property is improved with an |
eligible multifamily dwelling or multi-building
development |
containing residential units that are individually assessed, |
then, except as provided in subsection (b), no
more than 40% of |
those residential units may be certified. If the property is
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improved with an eligible multifamily dwelling or |
multi-building development
containing residential units that |
are not individually assessed, then, except as provided in |
subsection (b), the portion
of the property certified shall |
represent no more than 40% of those residential
units.
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The county clerk shall abate the taxes only if a |
certificate of use has
been timely filed for that year. If only |
a portion of the property has been
certified as eligible, the |
county clerk shall abate the taxes in the percentage
so |
certified.
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Whenever property receives an abatement under this |
Section, the rental rate
set under the lease, regulatory and |
operating agreement, or other similar
instrument for that |
property shall not include property taxes.
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No property shall be eligible for abatement under this |
Section if the owner
of the property has any outstanding and |
overdue debts to the municipality in
which the property is |
situated.
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(b) The percentage limitation on the certification of |
residential units set forth in subsection (a) shall be deemed |
to be satisfied in the case of developments described in |
resolutions adopted by the Board of Commissioners of the |
Chicago Housing Authority on September 19, 2000, December 17, |
2002, or September 16, 2003, as amended, approving the |
disposition of certain land and buildings on which all or a |