Illinois General Assembly - Illinois Compiled Statutes

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315 ILCS 20/15-5

(315 ILCS 20/15-5)

Sec. 15-5. Property tax abatement; limitation.

(a) Once the requirements of this Section have been complied with, except as
otherwise provided in this Section, the general real estate taxes imposed on
the real
property located in St. Clair County of a neighborhood redevelopment
corporation or its immediate successor and acquired pursuant to this
Law
shall be abated
for a
period not in excess of 10 years after the
date upon
which the corporation becomes owner of that real property.

(b) General real estate taxes may be imposed and collected, however, to the
extent
and in
the amount as may be imposed upon that real property during that period
measured
solely by the amount of the assessed valuation of the land, exclusive of
improvements,
acquired pursuant to this Law and owned by the neighborhood redevelopment
corporation or its immediate successor,
as was determined by the county, township, or multi-township assessor, for
real estate taxes
due and
payable thereon during the calendar year preceding the calendar year during
which the
corporation acquired title to the real property. The assessed valuation
shall
not be increased during that period so long as the real property is owned by a
neighborhood redevelopment corporation or its immediate successor and used in
accordance with a
development
plan authorized by the Redevelopment Commission under this Law.

(c) If, however, the real property was exempt from general real estate taxes
immediately
prior to ownership by any neighborhood redevelopment corporation, the county,
township, or multi-township assessor shall, upon acquisition of title
by
the
neighborhood redevelopment corporation, promptly assess the land, exclusive of
improvements, at a valuation that conforms to but does not exceed the assessed
valuation made during the preceding calendar year of other land, exclusive of
improvements, that is adjacent or in the same general neighborhood, and the
amount of
that assessed valuation shall not be increased during the period set pursuant
to
subsection
(a) so long as the real property is owned by a neighborhood
redevelopment
corporation or its immediate successor and used in accordance with a
development plan authorized by the
Redevelopment Commission.

(d) For the next ensuing period not in excess of 15 years, general real
estate taxes
upon that
real property shall be
abated in an amount not to exceed 50% of the taxes imposed by each taxing
district
so long as the real property is owned by a
neighborhood
redevelopment corporation or its immediate successor and used in accordance
with an authorized development
plan.

(e) After a period totaling not more than 25 years, the real property shall
be subject to
assessment and payment of all real estate taxes, based on the full fair cash
value of
the real
property.

(f) The tax abatement authorized by this Section shall not
become
effective unless the governing body of the city, village, or
incorporated town in
which the property is located does all of the following:

(1) Furnishes each taxing district whose boundaries

for real estate taxation purposes include any portion of the real property to be affected by the tax abatement with a written statement of the impact on real estate taxes the tax abatement will have on those taxing districts and written notice of the hearing to be held in accordance with subdivision (f)(2). The written statement and notice required by this subdivision (f)(1) shall be furnished as provided by local ordinance before the hearing and shall include, but need not be limited to, an estimate of the amount of real estate tax revenues of each taxing district that will be affected by the proposed tax abatement, based on the estimated assessed valuation of the real property involved as the property would exist before and after it is redeveloped.

(2) Conducts a public hearing regarding the tax

abatement. At the hearing all taxing districts described in subdivision (f)(1) have the right to be heard on the grant of any tax abatement.

(3) Enacts an ordinance that provides for expiration

of the tax abatement. The ordinance shall provide for a duration of time within which the real property must be acquired and may allow for acquisition of property under the plan in phases.

(g) Notwithstanding any other provision of law to the contrary, payments
in lieu
of taxes may be imposed by contract between a city, village, or incorporated
town and a
neighborhood redevelopment corporation or its immediate successor that receives
a tax abatement
on
property pursuant to this Section. The payments shall be made to the county
collector of
the county by December 31 of each year payments are due. The
governing
body of
the city, village, or incorporated town shall furnish the collector with a copy
of
any such
contract requiring payment in lieu of taxes. The collector shall allocate all
revenues
received from the payment in lieu of taxes among all taxing districts whose
real estate tax
revenues are affected by the abatement on the same pro rata basis
and in the
same manner as the real estate tax revenues received by each taxing
district
from that property in the year the payments are due.

(Source: P.A. 93-1037, eff. 6-1-05.)