Full Text of HB1466 101st General Assembly
HB1466eng 101ST GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Condominium Property Act is amended by | 5 | | changing Section 10 as follows:
| 6 | | (765 ILCS 605/10) (from Ch. 30, par. 310)
| 7 | | Sec. 10. Separate taxation.
| 8 | | (a) Real property taxes, special assessments,
and any other | 9 | | special taxes or charges of the State of Illinois or of any
| 10 | | political subdivision thereof, or other lawful taxing or | 11 | | assessing body, which
are authorized by law to be assessed | 12 | | against and levied upon real property
shall be assessed against | 13 | | and levied upon each unit and the owner's
corresponding | 14 | | percentage of ownership in the common elements as a tract, and
| 15 | | not upon the property as a whole. For purposes of property | 16 | | taxes, real
property owned and used for residential purposes by | 17 | | a condominium association,
including a master association, but | 18 | | subject to the exclusive right by easement,
covenant, deed or | 19 | | other interest of the owners of one or more condominium
| 20 | | properties and used exclusively by the unit owners for | 21 | | recreational or other
residential purposes shall be assessed at | 22 | | $1.00 per year. The balance of the
value of the property shall | 23 | | be assessed to the condominium unit owners.
In counties |
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| 1 | | containing 1,000,000 or more inhabitants, any person desiring
| 2 | | to establish or to reestablish an assessment of $1.00 under | 3 | | this Section shall
make application therefor and be subject to | 4 | | the provisions of Section 10-35
of the Property Tax Code.
| 5 | | (b) Each condominium unit shall be only subject to the tax | 6 | | rate for those
taxing districts in which such unit is actually, | 7 | | physically located. The
county clerk shall not apply a rate | 8 | | which is an average of two or more
different districts to any | 9 | | condominium unit.
| 10 | | (c) Upon authorization by a two-thirds vote of the members | 11 | | of the
board of managers or by the affirmative vote of not less | 12 | | than a
majority of the unit owners at a meeting duly called for | 13 | | such purpose, or
upon such greater vote as may be required by | 14 | | the declaration or bylaws, the
board of managers acting on | 15 | | behalf of all unit owners shall have the power
to seek relief | 16 | | from or in connection with the assessment or levy of any
such | 17 | | taxes, special assessments or charges, and to charge and | 18 | | collect all
expenses incurred in connection therewith as common | 19 | | expenses. | 20 | | (d) Upon authorization by a two-thirds vote of the unit | 21 | | owners at a meeting duly called for such a purpose, or
upon | 22 | | such greater vote as may be required by the declaration or | 23 | | bylaws, the
board of managers acting on behalf of all unit | 24 | | owners may allocate the percentage of ownership in the common | 25 | | elements as a tract for each unit for the limited purpose of | 26 | | calculating the assessment or levy of any
such taxes, special |
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| 1 | | assessments, or charges of the State of Illinois or of any
| 2 | | political subdivision thereof. The allocation of ownership | 3 | | under this subsection shall be based on the square footage of | 4 | | each individual unit. The allocation of ownership under this | 5 | | subsection shall also be separate from, and in addition to, the | 6 | | allocation of ownership for purposes of assessments for common | 7 | | expenses, association special assessments and charges, and | 8 | | voting rights. This subsection applies only to an association | 9 | | with 20 units or less.
| 10 | | (Source: P.A. 88-670, eff. 12-2-94.)
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