Full Text of HB0257 100th General Assembly
HB0257 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB0257 Introduced 1/11/2017, by Rep. Anthony DeLuca SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Contains provisions concerning valuation and taxation of keystone property. Provides that keystone property is property that has had a distinguished past and is a prominent property in the municipality but is not of historical significance or landmark status and meets certain criteria. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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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 10-705 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 | | municipality but is not of historical significance or | 17 | | landmark status and meets the following criteria: | 18 | | (1) the property contains an existing industrial | 19 | | or medical structure consisting of more than 100,000 | 20 | | square feet; | 21 | | (2) the property is located on a lot, parcel, or | 22 | | tract of land that is more than 5 acres in area; | 23 | | (3) the industrial or medical structure was |
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| 1 | | originally built more than 30 years prior to the date | 2 | | of the application; | 3 | | (4) in the case of industrial property, the | 4 | | property has been vacant for a period of more than 5 | 5 | | consecutive years immediately prior to the date of the | 6 | | application; | 7 | | (5) in the case of medical property, the property | 8 | | became vacant during the 5 years immediately prior to | 9 | | the date of the application or is likely to become | 10 | | vacant no later than December 31 of the calendar year | 11 | | immediately following the year of the application; | 12 | | (6) for the base year, the portion of the | 13 | | property's property tax liability that is attributable | 14 | | to the municipality is in the top 10% when compared | 15 | | with the municipal property tax liability for all other | 16 | | properties in the municipality for that tax year; and | 17 | | (7) the property is not located in a tax increment | 18 | | financing district as of the date of the application. | 19 | | (b) Beginning on July 1, 2017 and ending on July 1, 2029, | 20 | | owners of real property may apply with the municipality in | 21 | | which the property is located to have the property designated | 22 | | as keystone property. If the property meets the criteria for | 23 | | keystone property set forth in subsection (a), then the | 24 | | corporate authorities of the municipality may certify the | 25 | | property as keystone property for the purposes of promoting | 26 | | rehabilitation of vacant property and fostering job creation in |
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| 1 | | the fields of manufacturing, research and development, and | 2 | | healthcare. The certification shall be transmitted to the chief | 3 | | county assessment officer as soon as possible after the | 4 | | property is certified. | 5 | | (c) Beginning with the first tax year after the property is | 6 | | certified as keystone property and continuing through the | 7 | | twelfth tax year after the property is certified as keystone | 8 | | property, for the purpose of taxation under this Code, the | 9 | | property shall be valued at 33 1/3% of the fair cash value of | 10 | | the land, without regard to buildings, structures, | 11 | | improvements, and other permanent fixtures located on the | 12 | | property. For the first 3 tax years after the property is | 13 | | certified as keystone property, the aggregate tax liability for | 14 | | the property shall be $75,000. That aggregate tax liability, | 15 | | once collected, shall be distributed to the taxing districts in | 16 | | which the property is located according to each taxing | 17 | | district's proportionate share of that aggregate liability. | 18 | | Beginning with the fourth tax year after the property is | 19 | | certified as keystone property and continuing through the | 20 | | twelfth tax year after the property is certified as keystone | 21 | | property, the property's tax liability for each taxing district | 22 | | in which the property is located shall be increased over the | 23 | | tax liability for the preceding year by the percentage | 24 | | increase, if any, in the total equalized assessed value of all | 25 | | property in the taxing district.
| 26 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.
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