103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3056
 
Introduced 2/17/2023, by Rep. Lilian Jiménez
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/15-178.1 new

     Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately.
  


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A BILL FOR
 

  
HB3056LRB103 28882 HLH 55268 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 
5Section 15-178.1 as follows:
 
6    (35 ILCS 200/15-178.1 new)
7    Sec. 15-178.1. Reduction in assessed value for affordable 
8rental housing.
9    (a) For taxable year 2024 and thereafter, the assessed 
10value of qualified affordable housing property shall be 
11reduced by 30%. 
12    (b) In order to receive the reduced valuation under

this 
13Section, the owner must submit an annual application to the 
14chief county assessment officer for review in the form and by 
15the date required by the chief county assessment officer. 
16    (c) As used in this Section:
17    "Maximum income limit" means the maximum regular income 
18limits for 60% of the area median income for the geographic 
19area in which the property is located as determined for 
20multifamily programs by the United States Department of 
21Housing and Urban Development and published annually by the 
22Illinois Housing Development Authority. 
23    "Maximum rent" means the maximum regular rent for 60% of 
 
 
HB3056- 2 -LRB103 28882 HLH 55268 b

1the area median income for the geographic area in which the 
2multifamily building is located as determined by the United 
3States Department of Housing and Urban Development for 
4multifamily programs and published annually by the Illinois 
5Housing Development Authority. 
6    "Qualified affordable housing property" means property 
7containing a multi-unit residential dwelling with no fewer 
8than 2 and no more than 6 residential dwelling units where the 
9rent for each unit is at or below the maximum rent and each 
10unit is occupied by a household with a household income that is 
11at or below the maximum income limit or is available for 
12occupancy by a household with a  household income that is at or 
13below the maximum income limit. 
 
 
14    Section 99. Effective date. This Act takes effect upon 
15becoming law.