Illinois General Assembly - Full Text of SB1775
Illinois General Assembly

Previous General Assemblies

Full Text of SB1775  100th General Assembly


Rep. Anthony DeLuca

Filed: 5/31/2017





10000SB1775ham001LRB100 11266 AXK 27407 a


2    AMENDMENT NO. ______. Amend Senate Bill 1775 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



10000SB1775ham001- 2 -LRB100 11266 AXK 27407 a

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) Within one year from the effective date of this
17amendatory Act of the 100th General Assembly, owners of real
18property may apply with the municipality in which the property
19is located to have the property designated as keystone
20property. If the property meets the criteria for keystone
21property set forth in subsection (a), then the corporate
22authorities of the municipality have one year from the
23effective date of this amendatory Act of the 100th General
24Assembly within which they may certify the property as keystone
25property for the purposes of promoting rehabilitation of vacant
26property and fostering job creation in the fields of



10000SB1775ham001- 3 -LRB100 11266 AXK 27407 a

1manufacturing and research and development. The certification
2shall be transmitted to the chief county assessment officer as
3soon as possible after the property is certified.
4    (c) Beginning with the first tax year after the property is
5certified as keystone property and continuing through the
6twelfth tax year after the property is certified as keystone
7property, for the purpose of taxation under this Code, the
8property shall be valued at 33 1/3% of the fair cash value of
9the land, without regard to buildings, structures,
10improvements, and other permanent fixtures located on the
11property. For the first 3 tax years after the property is
12certified as keystone property, the aggregate tax liability for
13the property shall be no greater than $75,000. That aggregate
14tax liability, once collected, shall be distributed to the
15taxing districts in which the property is located according to
16each taxing district's proportionate share of that aggregate
17liability. Beginning with the fourth tax year after the
18property is certified as keystone property and continuing
19through the twelfth tax year after the property is certified as
20keystone property, the property's tax liability for each taxing
21district in which the property is located shall be increased
22over the tax liability for the preceding year by the percentage
23increase, if any, in the total equalized assessed value of all
24property in the taxing district.
25    No later than March 1 of each year before taxes are
26extended for the prior tax year, the Village of Park Forest



10000SB1775ham001- 4 -LRB100 11266 AXK 27407 a

1shall certify to the county clerk of the county in which the
2property is located a percentage reduction to be applied to
3property taxes to limit the aggregate tax liability on keystone
4property in accordance with this Section.
5    Section 99. Effective date. This Act takes effect upon
6becoming law.".