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1 | | (2) individually designated pursuant to an |
2 | | approved county or municipal
landmark ordinance; or
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3 | | (3) within a district listed on the National |
4 | | Register of Historic Places
or designated pursuant to |
5 | | an approved county or municipal landmark ordinance,
if |
6 | | the Director determines that the building is of |
7 | | historic significance to the
district in which it is |
8 | | located.
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9 | | Historic building does not mean an individual unit of a |
10 | | cooperative.
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11 | | (d) "Assessment officer" means the chief county |
12 | | assessment officer.
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13 | | (e) "Certificate of rehabilitation" means the |
14 | | certificate issued by the
Director upon the renovation, |
15 | | restoration, preservation or rehabilitation
of an historic |
16 | | building under this Code.
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17 | | (f) "Rehabilitation period" means the period of time |
18 | | necessary to
renovate, restore, preserve or rehabilitate |
19 | | an historic
building as
determined by the Director.
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20 | | (g) "Standards for rehabilitation" means the Secretary |
21 | | of Interior's
standards for rehabilitation as promulgated |
22 | | by the U.S. Department of
the Interior.
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23 | | (h) "Fair cash value" means the fair cash value of the |
24 | | historic
building,
as finally determined for that year by |
25 | | the assessment officer, board of review, Property Tax |
26 | | Appeal Board, or court on the basis of the assessment |
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1 | | officer's property record card ,
representing the value of |
2 | | the property prior to the commencement of
rehabilitation |
3 | | without consideration of any reduction reflecting value |
4 | | during
the rehabilitation work. The changes made to this |
5 | | Section by this amendatory Act of the 103rd General |
6 | | Assembly are declarative of existing law and shall not be |
7 | | construed as a new enactment.
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8 | | (i) "Base year valuation" means the fair cash value of |
9 | | the historic
building for the year in which the |
10 | | rehabilitation
period begins
but prior to the commencement |
11 | | of the rehabilitation and does not include any
reduction |
12 | | in value during the rehabilitation work.
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13 | | (j) "Adjustment in value" means the difference for any |
14 | | year between the
then
current fair cash value and the base |
15 | | year valuation.
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16 | | (k) "Eight-year valuation period" means the 8 years |
17 | | from the date of the
issuance of the certificate of |
18 | | rehabilitation.
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19 | | (l) "Adjustment valuation period" means the 4 years |
20 | | following the 8 year
valuation period.
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21 | | (m) "Substantial rehabilitation" means interior or |
22 | | exterior rehabilitation
work that preserves the historic |
23 | | building in a
manner that significantly
improves its |
24 | | condition.
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25 | | (n) "Approved local government" means a local |
26 | | government that has been
certified by the Director as:
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1 | | (1) enforcing appropriate legislation for the |
2 | | designation of historic
buildings;
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3 | | (2) having established an adequate and qualified |
4 | | historic review
commission;
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5 | | (3) maintaining a system for the survey and |
6 | | inventory of historic
properties;
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7 | | (4) providing for adequate public participation in |
8 | | the local historic
preservation program; and
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9 | | (5) maintaining a system for reviewing |
10 | | applications under this Section
in
accordance with |
11 | | rules and regulations promulgated by the Director.
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12 | | (o) "Cooperative" means a building or buildings and |
13 | | the tract, lot, or
parcel on which
the building or |
14 | | buildings are located, if the building or buildings are |
15 | | devoted
to residential uses by the owners and
fee title to |
16 | | the land and building or buildings is owned by a |
17 | | corporation or
other legal
entity in which the |
18 | | shareholders or other co-owners each also have a long-term
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19 | | proprietary lease or other long-term arrangement of |
20 | | exclusive possession for
a specific unit of occupancy
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21 | | space located within the same building or buildings.
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22 | | (p) "Owner", in the case of a cooperative, means
the |
23 | | Association.
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24 | | (q) "Association", in the case of a cooperative, means |
25 | | the entity
responsible for the administration of a |
26 | | cooperative, which entity may be
incorporated or |
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1 | | unincorporated, profit or nonprofit.
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2 | | (r) "Owner-occupied single family residence" means a |
3 | | residence in which
the title holder of record (i) holds |
4 | | fee simple ownership and (ii)
occupies
the property as |
5 | | his, her, or their principal residence.
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6 | | (s) "Owner-occupied multi-family residence" means |
7 | | residential property
comprised of not more than 6 living |
8 | | units in which the title holder of record
(i) holds fee |
9 | | simple ownership and (ii) occupies one unit as his, her, |
10 | | or their
principal residence. The remaining units may be |
11 | | leased.
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12 | | The changes made to this Section by this amendatory Act of |
13 | | the 91st General
Assembly are declarative of existing law and |
14 | | shall not be construed as a new
enactment.
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15 | | (Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.)
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16 | | (35 ILCS 200/10-50)
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17 | | Sec. 10-50. Valuation after 8 year valuation period. |
18 | | (a) For the 4 years after
the expiration of the 8-year |
19 | | valuation period, the valuation for purposes of
computing the |
20 | | assessed valuation shall not exceed the following be as |
21 | | follows :
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22 | | For the first year, the base year valuation plus 25% |
23 | | of the adjustment in
value.
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24 | | For the second year, the base year valuation plus 50% |
25 | | of the adjustment in
value.
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1 | | For the third year, the base year valuation plus 75% |
2 | | of the adjustment in
value.
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3 | | For the fourth year, the then current fair cash value.
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4 | | (b) If the current fair cash value during the adjustment |
5 | | valuation period is less than the base year valuation with the |
6 | | applicable adjustment, the assessment shall be based on the |
7 | | current fair cash value. The changes made to Section 10-50 by |
8 | | this amendatory Act of the 103rd General Assembly are |
9 | | declarative of existing law and shall not be construed as a new |
10 | | enactment. |
11 | | (Source: P.A. 82-1023; 88-455.)
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