Full Text of HB2513 103rd General Assembly
HB2513 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB2513 Introduced 2/15/2023, by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED: |
| 35 ILCS 200/10-40 | | 35 ILCS 200/10-50 | |
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Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after
the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that those changes are declarative of existing law.
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| | A BILL FOR |
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| 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 10-40 and 10-50 as follows:
| 6 | | (35 ILCS 200/10-40)
| 7 | | Sec. 10-40.
Historic Residence Assessment Freeze Law;
| 8 | | definitions.
This Section and Sections 10-45 through 10-85 may | 9 | | be cited as the Historic
Residence Assessment Freeze Law.
As | 10 | | used in this Section
and Sections 10-45 through 10-85:
| 11 | | (a) "Director" means the Director of Historic | 12 | | Preservation.
| 13 | | (b) "Approved county or municipal landmark ordinance" | 14 | | means a county or
municipal ordinance approved by the | 15 | | Director.
| 16 | | (c) "Historic building" means an owner-occupied single | 17 | | family residence or
an owner-occupied multi-family | 18 | | residence
and the tract, lot or parcel upon which it is | 19 | | located, or a building or
buildings owned
and operated as | 20 | | a cooperative,
if:
| 21 | | (1) individually listed on the National Register | 22 | | of Historic Places or
the
Illinois Register of | 23 | | Historic Places;
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| 1 | | (2) individually designated pursuant to an | 2 | | approved county or municipal
landmark ordinance; or
| 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.
| 9 | | Historic building does not mean an individual unit of a | 10 | | cooperative.
| 11 | | (d) "Assessment officer" means the chief county | 12 | | assessment officer.
| 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.
| 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.
| 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.
| 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.
| 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.
| 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.
| 16 | | (k) "Eight-year valuation period" means the 8 years | 17 | | from the date of the
issuance of the certificate of | 18 | | rehabilitation.
| 19 | | (l) "Adjustment valuation period" means the 4 years | 20 | | following the 8 year
valuation period.
| 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.
| 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;
| 3 | | (2) having established an adequate and qualified | 4 | | historic review
commission;
| 5 | | (3) maintaining a system for the survey and | 6 | | inventory of historic
properties;
| 7 | | (4) providing for adequate public participation in | 8 | | the local historic
preservation program; and
| 9 | | (5) maintaining a system for reviewing | 10 | | applications under this Section
in
accordance with | 11 | | rules and regulations promulgated by the Director.
| 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
| 19 | | proprietary lease or other long-term arrangement of | 20 | | exclusive possession for
a specific unit of occupancy
| 21 | | space located within the same building or buildings.
| 22 | | (p) "Owner", in the case of a cooperative, means
the | 23 | | Association.
| 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.
| 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.
| 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.
| 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.
| 15 | | (Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.)
| 16 | | (35 ILCS 200/10-50)
| 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 :
| 22 | | For the first year, the base year valuation plus 25% | 23 | | of the adjustment in
value.
| 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.
| 3 | | For the fourth year, the then current fair cash value.
| 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 this Section 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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