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


Revenue Committee

Filed: 4/18/2006





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2     AMENDMENT NO. ______. Amend Senate Bill 2185 by replacing
3 everything after the enacting clause with the following:
4     "Section 5. The Property Tax Code is amended by changing
5 Section 10-245 and by adding Division 15 to Article 10 as
6 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.)



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1     (35 ILCS 200/Art. 10 Div. 15 heading new)

3     (35 ILCS 200/10-390 new)
4     Sec. 10-390. Valuation of supportive living facilities.
5     (a) Notwithstanding Section 1-55, to determine the fair
6 cash value of any supportive living facility established under
7 Section 5-5.01a of the Illinois Public Aid Code, in assessing
8 the facility, a local assessment officer must use the income
9 capitalization approach when assessing the value of supportive
10 living facilities.
11     (b) When assessing supportive living facilities, the local
12 assessment officer may not consider the following payments to
13 be income attributable to the property:
14         (1) payments from Medicaid for services provided to
15     residents of supportive living facilities when such
16     payments constitute income that is attributable to
17     services and not attributable to the real estate; or
18         (2) payments by a resident of a supportive living
19     facility for services that would be paid by Medicaid if the
20     resident were Medicaid-eligible, when such payments
21     constitute income that is attributable to services and not
22     attributable to real estate.".