Illinois General Assembly - Full Text of SB2185
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Full Text of SB2185  94th General Assembly



SB2185 Enrolled LRB094 17030 BDD 52312 b

1     AN ACT concerning revenue.
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4     Section 5. The Property Tax Code is amended by changing
5 Sections 10-245 and 15-143 and by adding Division 15 to Article
6 10 as follows:
7     (35 ILCS 200/10-245)
8     Sec. 10-245. Method of valuation of low-income housing
9 projects. Notwithstanding Section 1-55 and except in counties
10 with a population of more than 200,000 that classify property
11 for the purposes of taxation, to determine 33 and one-third
12 percent of the fair cash value of any low-income housing
13 project developed under the Section 515 program or that
14 qualifies for the low-income housing tax credit under Section
15 42 of the Internal Revenue Code, in assessing the project,
16 local assessment officers must consider the actual or probable
17 net operating income attributable to the property project,
18 using a vacancy rate of not more than 5%, capitalized at normal
19 market rates. The interest rate to be used in developing the
20 normal market value capitalization rate shall be one that
21 reflects the prevailing cost of cash for other types of
22 commercial real estate in the geographic market in which the
23 low-income housing project is located.
24 (Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
25     (35 ILCS 200/Art. 10 Div. 15 heading new)

27     (35 ILCS 200/10-390 new)
28     Sec. 10-390. Valuation of supportive living facilities.
29     (a) Notwithstanding Section 1-55, to determine the fair
30 cash value of any supportive living facility established under



SB2185 Enrolled - 2 - LRB094 17030 BDD 52312 b

1 Section 5-5.01a of the Illinois Public Aid Code, in assessing
2 the facility, a local assessment officer must use the income
3 capitalization approach.
4     (b) When assessing supportive living facilities, the local
5 assessment officer may not consider:
6         (1) payments from Medicaid for services provided to
7     residents of supportive living facilities when such
8     payments constitute income that is attributable to
9     services and not attributable to the real estate; or
10         (2) payments by a resident of a supportive living
11     facility for services that would be paid by Medicaid if the
12     resident were Medicaid-eligible, when such payments
13     constitute income that is attributable to services and not
14     attributable to real estate.
15     (35 ILCS 200/15-143)
16     Sec. 15-143. Metropolitan Water Reclamation Districts in
17 counties with a population greater than 3,000,000.
18     (a) All property that is located in a county with a
19 population greater than 3,000,000 and that is owned by a
20 metropolitan water reclamation district in a county with a
21 population greater than 3,000,000 is exempt. Any such property
22 leased to an entity that is not exempt shall remain exempt, and
23 the leasehold interest of the lessee shall be assessed under
24 Section 9-195 of this Code. The changes made by this amendatory
25 Act of the 93rd General Assembly are declaratory of existing
26 law.
27     (b) Property that is owned by a metropolitan water
28 reclamation district in a county with a population greater than
29 3,000,000 is exempt, and the leasehold interest is exempt, if
30 the property is:
31         (1) located in Will County; and
32         (2) leased to the Will County Forest Preserve District
33     for a de minimis amount for use for public purposes.
34 (Source: P.A. 93-767, eff. 7-20-04.)



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1     Section 99. Effective date. This Act takes effect upon
2 becoming law.