102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5097

 

Introduced 1/27/2022, by Rep. Rita Mayfield

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/Art. 10 Div. 21 heading new
35 ILCS 200/10-765 new

    Amends the Property Tax Code. Provides that, in a county that classifies property for the purposes of taxation, a taxpayer that is liable for the payment of real property taxes on property containing an indoor shopping mall may apply with the chief county assessment officer to have that property classified in the same manner as a warehouse located in the county. Provides that, to receive the classification, the owner of the indoor shopping mall must offer rent to all of its tenants that is below market value for commercial space in the geographic area, as determined by the chief county assessment officer. Preempts the concurrent exercise of home rule powers.


LRB102 25357 HLH 34637 b

 

 

A BILL FOR

 

HB5097LRB102 25357 HLH 34637 b

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
5Division 21 to Article 10 as follows:
 
6    (35 ILCS 200/Art. 10 Div. 21 heading new)
7
Division 21. Indoor shopping malls

 
8    (35 ILCS 200/10-765 new)
9    Sec. 10-765. Indoor shopping malls. Notwithstanding any
10other provision of law, in a county that classifies property
11for the purposes of taxation, a taxpayer that is liable for the
12payment of real property taxes on property containing an
13indoor shopping mall may apply with the chief county
14assessment officer to have that property classified in the
15same manner as a warehouse located in the county. To receive
16the classification under this Section, the owner of the indoor
17shopping mall must offer rent to all of its tenants that is
18below market value for commercial space in the geographic
19area, as determined by the chief county assessment officer.
20    A home rule unit may not regulate the taxation of property
21in a manner that is inconsistent with this Section. This
22Section is a limitation under subsection (i) of Section 6 of

 

 

HB5097- 2 -LRB102 25357 HLH 34637 b

1Article VII of the Illinois Constitution on the concurrent
2exercise by home rule units of powers and functions exercised
3by the State.