97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3676
 
Introduced 2/10/2012, by Sen. Donne E. Trotter
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/18-182 new

     Amends the Property Tax Code. Provides that the county clerk shall abate 100% of property taxes levied by any taxing district for the first taxable year on foreclosed residential real estate purchased or otherwise received by a taxpayer for improvement, subject to certain conditions. Effective immediately.
  


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Property Tax Code is amended  by adding 
5Section 18-182 as follows:
 
6    (35 ILCS 200/18-182 new)
7    Sec. 18-182. Abatement for abandoned and foreclosed 
8property.
9    (a) Beginning July 1, 2012 and ending June 30, 2015, the 
10county clerk shall abate 100% of property taxes levied by any 
11taxing district under this Code, for the first taxable year, on 
12foreclosed residential real estate purchased or otherwise 
13received by a taxpayer for improvement, subject to the 
14following conditions:
15        (1) an existing residential dwelling structure is 
16    present on the parcel;
17        (2) that structure was unoccupied at the time of 
18    conveyance;
19        (3) the parcel was the subject of a foreclosure action 
20    that was filed after January 1, 2008;
21        (4) the taxpayer does not occupy or intend to occupy 
22    the property as his or her principal residence;
23        (5) the taxpayer immediately secures or encloses the 
 
 
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1    property, in accordance with Section 11-31-1.01 of the 
2    Illinois Municipal Code, and commences making improvements 
3    within 90 days after conveyance; and
4        (6) the residential improvements on the parcel include 
5    no more than 12 units of housing, which may also include 
6    commercial space.
7    (b) For purposes of this Section, "improvement" means the  
8repair, replacement, and upgrade of any and all features of the 
9residential structure, especially those that bring the 
10structure into compliance with local building, plumbing, and 
11electrical codes, though the undertaking of solely cosmetic 
12improvements shall not disqualify a taxpayer from receiving the 
13abatement.
 
 
14    Section 99. Effective date. This Act takes effect upon 
15becoming law.