HB5097 102ND GENERAL ASSEMBLY

LRB102 25357 HLH 34637 b

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.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Division 21 to Article 10 as follows:

(35 ILCS 200/Art. 10 Div. 21 heading new)

Division 21. Indoor shopping malls

(35 ILCS 200/10-765 new)

Sec. 10-765. Indoor shopping malls. Notwithstanding any other provision of law, 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. To receive the classification under this Section, 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.

A home rule unit may not regulate the taxation of property in a manner that is inconsistent with this Section. This Section is a limitation under subsection (i) of Section 6 of Article VII of the Illinois Constitution on the concurrent exercise by home rule units of powers and functions exercised by the State.