Illinois General Assembly - Full Text of HB3021
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Full Text of HB3021  102nd General Assembly




State of Illinois
2021 and 2022


Introduced 2/19/2021, by Rep. Steven Reick


35 ILCS 200/10-710 new

    Amends the Property Tax Code. Creates an alternate valuation for certain property in the City of Harvard that meets the criteria to be certified as revitalized property for advanced technology.

LRB102 10983 HLH 16315 b






HB3021LRB102 10983 HLH 16315 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 10-710 as follows:
6    (35 ILCS 200/10-710 new)
7    Sec. 10-710. Revitalized property for advanced technology.
8    (a) For the purposes of this Section:
9    "Base year" means the last tax year prior to the date of
10the application during which the property was occupied and
11assessed and taxes were collected.
12    "Tax year" means the calendar year for which assessed
13value is determined as of January 1 of that year.
14    "Revitalized property for advanced technology" means
15property that has had a distinguished past and is a prominent
16property in the City of Harvard, a non-home rule municipality
17in McHenry County, but is not of historical significance or
18landmark status and meets the following criteria:
19        (1) the property contains an existing commercial
20    campus consisting of more than 1,500,000 square feet;
21        (2) the property is located on a lot, parcel, or tract
22    of land that is more than 320 acres in area;
23        (3) the commercial campus was originally built more



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1    than 20 years prior to the date of the application; and
2        (4) the property has been vacant for a period of more
3    than 15 consecutive years immediately prior to the date of
4    the application.
5    (b) Within one year after the effective date of this
6amendatory Act of the 102nd General Assembly, owners of real
7property may apply with the municipality in which the property
8is located to have the property designated as a revitalized
9property for advanced technology.
10    If the property meets the criteria for revitalized
11property for advanced technology set forth in subsection (a),
12then the corporate authorities of the municipality have one
13year from the effective date of this amendatory Act of the
14102nd General Assembly within which they may certify the
15property as revitalized property for advanced technology for
16the purposes of promoting rehabilitation of vacant property
17and fostering job creation in the fields of manufacturing and
18advanced technology research and development. The
19certification shall be transmitted to the chief county
20assessment officer as soon as possible after the property is
22    Beginning with the first tax year after the property is
23certified as a revitalized property for advanced technology
24and continuing through the twelfth tax year after the property
25is certified as revitalized property for advanced technology,
26for the purpose of taxation under this Code, the property



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1shall be valued at 33 1/3% of the fair cash value of the land,
2without regard to buildings, structures, improvements, and
3other permanent fixtures located on the property.
4    For the first 3 tax years after the property is certified
5as revitalized property for advanced technology, the aggregate
6tax liability for the property shall be no greater than
7$150,000. That aggregate tax liability, once collected, shall
8be distributed to the taxing districts in which the property
9is located according to each taxing district's proportionate
10share of that aggregate liability.
11    Beginning with the fourth tax year after the property is
12certified as revitalized property for advanced technology and
13continuing through the twelfth tax year after the property is
14certified as revitalized property for advanced technology, the
15property's tax liability for each taxing district in which the
16property is located shall be increased over the tax liability
17for the preceding year by the percentage increase, if any, in
18the total equalized assessed value of all property in the
19taxing district.
20    No later than March 1 of each year before taxes are
21extended for the prior tax year, the City of Harvard shall
22certify to the county clerk of the county in which the property
23is located a percentage reduction to be applied to property
24taxes to limit the aggregate tax liability on revitalized
25property for advanced technology in accordance with this