|SB3049 Engrossed||LRB099 20697 HLH 45325 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Property Tax Code is amended by changing
Section 18-180 as follows:
(35 ILCS 200/18-180)
Abatement; urban decay.
(a) Except as provided below, a home rule municipality upon
adoption of an
ordinance by majority vote of its governing
authority, may order the county
clerk to abate, for a period
not to exceed 10 years, any percentage of the
taxes levied by
the municipality and any other taxing district on each parcel
of property located in an area of urban decay within the
corporate limits of
the municipality and upon which a newly
or newly remodeled
single-family or duplex
residential dwelling unit is located, except that the total
any levy year shall not be in an amount in excess
of 2% of the taxes
extended by all taxing districts on all
parcels located within the
township that contain residential
dwelling units of 6 units or less.
In the case of a newly
remodeled single-family or duplex
residential dwelling unit,
the amount of the abatement may not exceed the amount of
property taxes attributable to the improvements.