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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB5302
Introduced 01/25/06, by Rep. Susana A Mendoza SYNOPSIS AS INTRODUCED: |
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35 ILCS 200/10-235 |
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35 ILCS 200/10-245 |
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35 ILCS 200/10-250 |
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Amends the Property Tax Code. Makes technical changes to Sections concerning low-income housing.
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A BILL FOR
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HB5302 |
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LRB094 17792 BDD 53091 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Sections 10-235, 10-245, and 10-250 as follows:
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| (35 ILCS 200/10-235)
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| Sec. 10-235. Low-income housing project valuation policy;
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| intent. It is the
the policy of this State that low-income |
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| housing projects
developed under Section 515 of the federal |
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| Housing Act or that qualify for the low-income housing tax |
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| credit under Section 42 of the
Internal Revenue Code shall be |
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| valued at 33 and
one-third percent of the fair market value of |
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| their economic productivity
to the owners of the projects to |
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| help insure that their valuation for
property taxation does not |
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| result in taxes so high that rent levels
must be raised to |
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| cover this project expense, which can cause excess
vacancies, |
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| project loan defaults, and eventual loss of rental housing
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| facilities for those most in need of them, low-income families |
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| and the
elderly. It is the intent of this State that the |
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| valuation required by
this Division is the closest |
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| representation of cash value required by law
and is the method |
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| established as proper and fair.
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| (Source: P.A. 92-16, eff. 6-28-01; 93-533, eff. 1-1-04; 93-755, |
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| eff. 7-16-04.)
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| (35 ILCS 200/10-245)
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| Sec. 10-245. Method of valuation of low-income housing |
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| projects. Notwithstanding Section 1-55 and except in counties |
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| with a population of more
than 200,000 that classify property |
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| for the
the purposes of taxation, to determine
33 and one-third |
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| percent of the fair cash value of any low-income housing
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| project developed under the Section 515 program or that |