HB5035 103RD GENERAL ASSEMBLY

LRB103 37554 HLH 67679 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5035

Introduced 2/8/2024, by Rep. Eva-Dina Delgado

SYNOPSIS AS INTRODUCED:

35 ILCS 200/15-178.1 new

Amends the Property Tax Code. Creates a reduction in assessed value for property that contains a residential structure that is leased to at least one individual who participates in a qualifying income-based rental subsidy program. Provides that the reduction shall be equal to $2,000 multiplied by the number of residential units on the property that are rented to an individual who participates in a qualifying income-based rental subsidy program. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

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 adding Section 15-178.1 as follows:

(35 ILCS 200/15-178.1 new)

Sec. 15-178.1. Reduction in assessed value for affordable rental housing occupancy. Notwithstanding any other provision of law, each property that contains a residential structure that is leased to at least one individual who participates in a qualifying income-based rental subsidy program is entitled to a reduction in its equalized assessed value in an amount equal to $2,000 multiplied by the number of residential units on the property that are rented to an individual who participates in a qualifying income-based rental subsidy program.

To receive the reduction under this Section, the taxpayer shall submit an application to the chief county assessment officer of the county in which the property is located by July 1 of each taxable year. A county may, by resolution, establish a date for submission of applications that is different than July 1.

As used in this Section "qualifying income-based rental subsidy program" has the meaning given to that term in Section 15-178.

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