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Public Act 094-1086
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| SB2185 Enrolled |
LRB094 17030 BDD 52312 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Sections 10-245 and 15-143 and by adding Division 15 to Article |
10 as follows:
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(35 ILCS 200/10-245)
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Sec. 10-245. Method of valuation of 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 low-income housing
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project developed under the Section 515 program or that |
qualifies for the low-income housing tax credit under Section |
42
of the Internal Revenue Code, in assessing the project, |
local assessment
officers must consider the actual or probable |
net operating income attributable
to the property
project, |
using a vacancy rate of not more than 5%, capitalized at normal
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market rates. 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 |
low-income housing project is located.
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(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
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(35 ILCS 200/Art. 10 Div. 15 heading new) |
DIVISION 15. SUPPORTIVE LIVING FACILITIES
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(35 ILCS 200/10-390 new)
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Sec. 10-390. Valuation of supportive living facilities. |
(a) Notwithstanding Section 1-55, to determine
the fair |
cash value of any supportive living facility established under |
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Section 5-5.01a of the Illinois Public Aid Code, in assessing |
the facility, a local assessment
officer must use the income |
capitalization approach. |
(b) When assessing supportive living facilities, the local |
assessment
officer may not consider: |
(1) payments from Medicaid for services provided to |
residents of supportive living facilities when such |
payments constitute income that is attributable to |
services and not attributable to the real estate; or |
(2) payments by a resident of a supportive living |
facility for services that would be paid by Medicaid if the |
resident were Medicaid-eligible, when such payments |
constitute income that is attributable to services and not |
attributable to real estate.
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(35 ILCS 200/15-143)
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Sec. 15-143. Metropolitan Water Reclamation Districts in |
counties with a
population greater than 3,000,000. |
(a) All property that is located in a county with a |
population greater than 3,000,000 and that is owned by a |
metropolitan
water reclamation district in a county with a |
population greater than
3,000,000 is exempt.
Any such property |
leased to an entity that is not
exempt shall remain exempt, and |
the leasehold interest of the lessee shall be
assessed under |
Section 9-195 of this Code. The changes made by this amendatory |
Act of the 93rd General Assembly are declaratory of existing |
law.
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(b) Property that is owned by a metropolitan
water |
reclamation district in a county with a population greater than
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3,000,000 is exempt, and the leasehold interest is exempt, if |
the property is: |
(1) located in Will County; and |
(2) leased to the Will County Forest Preserve District |
for a de minimis amount for use for public purposes.
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(Source: P.A. 93-767, eff. 7-20-04.)
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