Illinois General Assembly - Full Text of SB2185
Illinois General Assembly

Previous General Assemblies

Full Text of SB2185  94th General Assembly

SB2185sam001 94TH GENERAL ASSEMBLY

Sen. John J. Cullerton

Filed: 2/10/2006

 

 


 

 


 
09400SB2185sam001 LRB094 17030 BDD 55850 a

1
AMENDMENT TO SENATE BILL 2185

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 Sections 1-130 and 10-245 as follows:
 
6     (35 ILCS 200/1-130)
7     Sec. 1-130. Property; real property; real estate; land;
8 tract; lot. The land itself, with all things contained therein,
9 and also all buildings, structures and improvements, and other
10 permanent fixtures thereon, including all oil, gas, coal and
11 other minerals in the land and the right to remove oil, gas and
12 other minerals, excluding coal, from the land, and all rights
13 and privileges belonging or pertaining thereto, except where
14 otherwise specified by this Code. Included therein is any
15 vehicle or similar portable structure used or so constructed as
16 to permit its use as a dwelling place, if the structure is
17 resting in whole on a permanent foundation. Not included
18 therein are low-income housing tax credits authorized by
19 Section 42 of the Internal Revenue Code, 26 U.S.C. 42 or
20 payments or expenses for services in supportive living
21 facilities established under Section 5-5.01a of the Illinois
22 Public Aid Code.
23 (Source: P.A. 91-502, eff. 8-13-99.)
 

 

 

09400SB2185sam001 - 2 - LRB094 17030 BDD 55850 a

1     (35 ILCS 200/10-245)
2     Sec. 10-245. Method of valuation of low-income housing
3 projects. Notwithstanding Section 1-55 and except in counties
4 with a population of more than 200,000 that classify property
5 for the purposes of taxation, to determine 33 and one-third
6 percent of the fair cash value of any low-income housing
7 project developed under the Section 515 program or that
8 qualifies for the low-income housing tax credit under Section
9 42 of the Internal Revenue Code, in assessing the project,
10 local assessment officers must consider the actual or probable
11 net operating income attributable to the property project,
12 using a vacancy rate of not more than 5%, capitalized at normal
13 market rates. The interest rate to be used in developing the
14 normal market value capitalization rate shall be one that
15 reflects the prevailing cost of cash for other types of
16 commercial real estate in the geographic market in which the
17 low-income housing project is located.
18 (Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)".