[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
| [ House Amendment 001 ] | [ Senate Amendment 002 ] |
90_HB3575sam001
LRB9010916PTbdam05
1 AMENDMENT TO HOUSE BILL 3575
2 AMENDMENT NO. . Amend House Bill 3575 by replacing
3 the title with the following:
4 "AN ACT to amend the Property Tax Code by adding Section
5 18-177."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Property Tax Code is amended by adding
9 Section 18-177 as follows:
10 (35 ILCS 200/18-177 new)
11 Sec. 18-177. Leased low-rent housing abatement. The
12 county clerk shall abate property taxes levied by any taxing
13 district under this Code on property situated in a
14 municipality with 1,000,000 or more inhabitants and improved
15 with either a multifamily dwelling or a multi-building
16 development consisting of 6 units or more that is leased for
17 a period of not less than 20 years to a housing authority
18 created under the Housing Authorities Act; but only if the
19 property and improvements, or the property and improvements
20 for which the abatement is sought, are used solely for
21 low-rent housing and related uses by the housing authority as
-2- LRB9010916PTbdam05
1 prescribed in a written lease agreement. Property and
2 portions of property used or intended to be used for
3 commercial purposes are not eligible for the abatement
4 provided in this Section. The housing authority shall file
5 annually with the county clerk for any property eligible for
6 an abatement under this Section a certificate of the
7 property's use during the immediately preceding year. The
8 certificate shall certify that the property or a portion of
9 the property meets the requirements of this Section and that
10 the eligible residential units have been inspected within the
11 previous 60 days and meet or exceed all housing quality
12 standards of the authority. If only a portion of the
13 property meets these requirements, the certificate shall
14 state the amount of that portion as a percentage of the total
15 equalized and assessed value of the property. If the
16 property is improved with an eligible multifamily dwelling or
17 multi-building development containing residential units that
18 are individually assessed, no more than one-third of those
19 residential units may be certified. If the property is
20 improved with an eligible multifamily dwelling or
21 multi-building development containing residential units that
22 are not individually assessed, the portion of the property
23 certified shall represent no more than one-third of those
24 residential units. The county clerk shall abate the taxes
25 only if a certificate of use has been timely filed for that
26 year. If only a portion of the property has been certified
27 as eligible, the county clerk shall abate the taxes in the
28 percentage so certified. Whenever a housing authority leases
29 property that is eligible for an abatement under this
30 Section, the lease shall reflect a reduction in rent payable
31 by the housing authority in the full amount of the abatement.
32 No property shall be eligible for abatement under this
33 Section if the owner of the property has any outstanding and
34 overdue debts to the municipality in which the property is
-3- LRB9010916PTbdam05
1 situated.
2 Section 99. Effective date. This Act takes effect
3 January 1, 1999."