Illinois General Assembly - Full Text of SB3676
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Full Text of SB3676  97th General Assembly




SB3676 EngrossedLRB097 18374 HLH 63600 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 15-173 as follows:
6    (35 ILCS 200/15-173 new)
7    Sec. 15-173. Foreclosed property; reduction.
8    (a) Beginning July 1, 2012 and ending June 30, 2020, the
9chief county assessment officer shall reduce the assessed value
10of the improvements to residential real property to 10% of the
11equalized assessed value of those improvements on June 30,
122012, if and only if all of the following factors have been
14        (1) the improvements are predominantly residential;
15        (2) the parcel was purchased or otherwise conveyed to
16    the taxpayer after January 1, 2008;
17        (3) the parcel was the subject of a judicial
18    foreclosure sale that occurred after January 1, 2008;
19        (4) an existing, predominantly residential dwelling
20    structure of no more than 6 units is present on the parcel,
21    and that residential dwelling was unoccupied at the time of
22    conveyance;
23        (5) the taxpayer does not occupy or intend to occupy



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1    the residential dwelling as his or her principal residence;
2        (6) the taxpayer immediately secures the residential
3    dwelling in accordance with the requirements of this
4    Section; and
5        (7) the taxpayer completes all rehabilitation within 9
6    months of conveyance;
7        (8) the property meets local building code
8    requirements; and
9        (9) there exist no liens for back taxes or other tax
10        liens on the parcel.
11    (b) For purposes of this Section, "secure" means that:
12        (1) all doors and windows are closed and secured using:
13    secure doors; windows without broken or cracked panes;
14    commercial-quality metal security panels, filled with
15    like-kind material as the surrounding wall; or plywood
16    installed and secured in accordance with local ordinance.
17    At least one building entrance shall be accessible from the
18    exterior and secured with a door that is locked to allow
19    access only to authorized persons;
20        (2) all grass and weeds on the vacant residential
21    property are maintained below 10 inches in height, unless a
22    local ordinance imposes a lower height;
23        (3) debris, trash, and litter on any portion of the
24    exterior of the vacant residential property is removed in
25    compliance with local ordinance;
26        (4) fences, gates, stairs and steps that lead to the



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1    main entrance of the building are maintained in a
2    structurally sound and reasonable manner;
3        (5) the property is winterized when appropriate;
4        (6) the exterior of the improvements are reasonably
5    maintained to ensure the safety of passersby; and
6        (7) vermin and pests are regularly exterminated on the
7    exterior and interior of the property.
8    (c) In order to be eligible for and receive benefits
9conferred by this Section, the taxpayer must submit an
10affidavit with the regularly scheduled property tax payment
11setting forth the following information:
12        (1) postal address;
13        (2) permanent index number; and
14        (3) that all conditions of this Section have been met.
15    (d) The reduction outlined in this Section shall be
16activated when the affidavit described in this Section is
17submitted to and accepted by the chief county assessment
18officer and shall continue for a period of 5 years.
19    (e) At the completion of the assessment freeze period
20described here, the entire parcel be assessed as otherwise
21provided in this Code.
22    Section 99. Effective date. This Act takes effect upon
23becoming law.