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(765 ILCS 605/10) (from Ch. 30, par. 310)
Sec. 10.
Separate taxation.
(a) Real property taxes, special assessments,
and any other special taxes or charges of the State of Illinois or of any
political subdivision thereof, or other lawful taxing or assessing body, which
are authorized by law to be assessed against and levied upon real property
shall be assessed against and levied upon each unit and the owner's
corresponding percentage of ownership in the common elements as a tract, and
not upon the property as a whole. For purposes of property taxes, real
property owned and used for residential purposes by a condominium association,
including a master association, but subject to the exclusive right by easement,
covenant, deed or other interest of the owners of one or more condominium
properties and used exclusively by the unit owners for recreational or other
residential purposes shall be assessed at $1.00 per year. The balance of the
value of the property shall be assessed to the condominium unit owners.
In counties containing 1,000,000 or more inhabitants, any person desiring
to establish or to reestablish an assessment of $1.00 under this Section shall
make application therefor and be subject to the provisions of Section 10-35
of the Property Tax Code.
(b) Each condominium unit shall be only subject to the tax rate for those
taxing districts in which such unit is actually, physically located. The
county clerk shall not apply a rate which is an average of two or more
different districts to any condominium unit.
(c) Upon authorization by a two-thirds vote of the members of the
board of managers or by the affirmative vote of not less than a
majority of the unit owners at a meeting duly called for such purpose, or
upon such greater vote as may be required by the declaration or bylaws, the
board of managers acting on behalf of all unit owners shall have the power
to seek relief from or in connection with the assessment or levy of any
such taxes, special assessments or charges, and to charge and collect all
expenses incurred in connection therewith as common expenses.
(Source: P.A. 88-670, eff. 12-2-94.)
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