Illinois General Assembly - Full Text of HB0159
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Full Text of HB0159  100th General Assembly


Rep. Anthony DeLuca

Filed: 4/21/2017





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2    AMENDMENT NO. ______. Amend House Bill 159 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Property Tax Code is amended by adding
5Section 10-705 as follows:
6    (35 ILCS 200/10-705 new)
7    Sec. 10-705. Keystone property.
8    (a) For the purposes of this Section:
9        "Base year" means the last tax year prior to the date
10    of the application during which the property was occupied
11    and assessed and taxes were collected.
12        "Tax year" means the calendar year for which assessed
13    value is determined as of January 1 of that year.
14        "Keystone property" means property that has had a
15    distinguished past and is a prominent property in the
16    Village of Park Forest, a home rule municipality in both



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1    Cook and Will Counties, but is not of historical
2    significance or landmark status and meets the following
3    criteria:
4            (1) the property contains an existing industrial
5        structure consisting of more than 100,000 square feet;
6            (2) the property is located on a lot, parcel, or
7        tract of land that is more than 5 acres in area;
8            (3) the industrial structure was originally built
9        more than 30 years prior to the date of the
10        application;
11            (4) the property has been vacant for a period of
12        more than 5 consecutive years immediately prior to the
13        date of the application; and
14            (5) the property is not located in a tax increment
15        financing district as of the date of the application.
16    (b) Beginning on July 1, 2017 and ending on July 1, 2029,
17owners of real property may apply with the municipality in
18which the property is located to have the property designated
19as keystone property. If the property meets the criteria for
20keystone property set forth in subsection (a), then the
21corporate authorities of the municipality may certify the
22property as keystone property for the purposes of promoting
23rehabilitation of vacant property and fostering job creation in
24the fields of manufacturing and research and development. The
25certification shall be transmitted to the chief county
26assessment officer as soon as possible after the property is



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2    (c) Beginning with the first tax year after the property is
3certified as keystone property and continuing through the
4twelfth tax year after the property is certified as keystone
5property, for the purpose of taxation under this Code, the
6property shall be valued at 33 1/3% of the fair cash value of
7the land, without regard to buildings, structures,
8improvements, and other permanent fixtures located on the
9property. For the first 3 tax years after the property is
10certified as keystone property, the aggregate tax liability for
11the property shall be no greater than $75,000. That aggregate
12tax liability, once collected, shall be distributed to the
13taxing districts in which the property is located according to
14each taxing district's proportionate share of that aggregate
15liability. Beginning with the fourth tax year after the
16property is certified as keystone property and continuing
17through the twelfth tax year after the property is certified as
18keystone property, the property's tax liability for each taxing
19district in which the property is located shall be increased
20over the tax liability for the preceding year by the percentage
21increase, if any, in the total equalized assessed value of all
22property in the taxing district.
23    Section 99. Effective date. This Act takes effect upon
24becoming law.".