Full Text of HB3021 102nd General Assembly
HB3021 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB3021 Introduced 2/19/2021, by Rep. Steven Reick SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Creates an alternate valuation for certain property in the City of Harvard that meets the criteria to be certified as revitalized property for advanced technology.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | | HB3021 | | LRB102 10983 HLH 16315 b |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by adding | 5 | | Section 10-710 as follows: | 6 | | (35 ILCS 200/10-710 new) | 7 | | Sec. 10-710. Revitalized property for advanced technology. | 8 | | (a) For the purposes of this Section: | 9 | | "Base year" means the last tax year prior to the date of | 10 | | the application during which the property was occupied and | 11 | | 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 | | "Revitalized property for advanced technology" means | 15 | | property that has had a distinguished past and is a prominent | 16 | | property in the City of Harvard, a non-home rule municipality | 17 | | in McHenry County, but is not of historical significance or | 18 | | landmark status and meets the following criteria: | 19 | | (1) the property contains an existing commercial | 20 | | campus consisting of more than 1,500,000 square feet; | 21 | | (2) the property is located on a lot, parcel, or tract | 22 | | of land that is more than 320 acres in area; | 23 | | (3) the commercial campus was originally built more |
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| 1 | | than 20 years prior to the date of the application; and | 2 | | (4) the property has been vacant for a period of more | 3 | | than 15 consecutive years immediately prior to the date of | 4 | | the application. | 5 | | (b) Within one year after the effective date of this | 6 | | amendatory Act of the 102nd General Assembly, owners of real | 7 | | property may apply with the municipality in which the property | 8 | | is located to have the property designated as a revitalized | 9 | | property for advanced technology. | 10 | | If the property meets the criteria for revitalized | 11 | | property for advanced technology set forth in subsection (a), | 12 | | then the corporate authorities of the municipality have one | 13 | | year from the effective date of this amendatory Act of the | 14 | | 102nd General Assembly within which they may certify the | 15 | | property as revitalized property for advanced technology for | 16 | | the purposes of promoting rehabilitation of vacant property | 17 | | and fostering job creation in the fields of manufacturing and | 18 | | advanced technology research and development. The | 19 | | certification shall be transmitted to the chief county | 20 | | assessment officer as soon as possible after the property is | 21 | | certified. | 22 | | Beginning with the first tax year after the property is | 23 | | certified as a revitalized property for advanced technology | 24 | | and continuing through the twelfth tax year after the property | 25 | | is certified as revitalized property for advanced technology, | 26 | | for the purpose of taxation under this Code, the property |
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| 1 | | shall be valued at 33 1/3% of the fair cash value of the land, | 2 | | without regard to buildings, structures, improvements, and | 3 | | other permanent fixtures located on the property. | 4 | | For the first 3 tax years after the property is certified | 5 | | as revitalized property for advanced technology, the aggregate | 6 | | tax liability for the property shall be no greater than | 7 | | $150,000. That aggregate tax liability, once collected, shall | 8 | | be distributed to the taxing districts in which the property | 9 | | is located according to each taxing district's proportionate | 10 | | share of that aggregate liability. | 11 | | Beginning with the fourth tax year after the property is | 12 | | certified as revitalized property for advanced technology and | 13 | | continuing through the twelfth tax year after the property is | 14 | | certified as revitalized property for advanced technology, the | 15 | | property's tax liability for each taxing district in which the | 16 | | property is located shall be increased over the tax liability | 17 | | for the preceding year by the percentage increase, if any, in | 18 | | the total equalized assessed value of all property in the | 19 | | taxing district. | 20 | | No later than March 1 of each year before taxes are | 21 | | extended for the prior tax year, the City of Harvard shall | 22 | | certify to the county clerk of the county in which the property | 23 | | is located a percentage reduction to be applied to property | 24 | | taxes to limit the aggregate tax liability on revitalized | 25 | | property for advanced technology in accordance with this | 26 | | Section.
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