Sen. Ann Gillespie

Filed: 3/25/2021





10200SB2297sam001LRB102 11489 HLH 24116 a


2    AMENDMENT NO. ______. Amend Senate Bill 2297 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Property Tax Code is amended by changing
5Section 10-260 as follows:
6    (35 ILCS 200/10-260)
7    Sec. 10-260. Low-income housing. In determining the fair
8cash value of property receiving benefits from the Low-Income
9Housing Tax Credit authorized by Section 42 of the Internal
10Revenue Code, 26 U.S.C. 42, emphasis shall be given to the
11income approach, except in those circumstances where another
12method is clearly more appropriate.
13    In counties with more than 3,000,000 inhabitants, during a
14general reassessment year in accordance with Section 9-220 or
15at such other time that a property is reassessed, to determine
16the fair cash value of any low-income housing project that



10200SB2297sam001- 2 -LRB102 11489 HLH 24116 a

1qualifies for the Low-Income Housing Tax Credit under Section
242 of the Internal Revenue Code: (i) in assessing any building
3with 7 or more units, the assessment officer must consider the
4actual or projected net operating income attributable to the
5property, capitalized at rates for similarly encumbered
6Section 42 properties; and (ii) in assessing any building with
76 units or less, the assessment officer, prior to finalizing
8and certifying assessments to the Board of Review, shall
9reassess the building considering the actual or projected net
10operating income attributable to the property, capitalized at
11rates for similarly encumbered Section 42 properties. The
12capitalization rate for items (i) and (ii) shall be one that
13reflects the prevailing cost of capital for other types of
14similarly encumbered Section 42 properties in the geographic
15market in which the low-income housing project is located.
16    All low-income housing projects that seek to be assessed
17in accordance with the provisions of this Section shall
18certify to the appropriate local assessment officer that the
19owner or owners qualify for the Low-Income Housing Tax Credit
20under Section 42 of the Internal Revenue Code for the
21property, in a form prescribed by that assessment officer.
22(Source: P.A. 91-502, eff. 8-13-99; 92-16, eff. 6-28-01.)".