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90_SB1596
35 ILCS 200/15-95
Amends the Property Tax Code. Provides that for purposes
of the exemption provided for housing authorities under the
Code, privately owned property or a portion thereof that is
used for low rent housing and related uses by a housing
authority, as prescribed in a lease agreement in effect for
at least 20 years between the owner of the property and the
housing authority, shall be deemed property of the housing
authority for as long as the property or portion thereof is
used for low rent housing or related uses by the housing
authority. Effective immediately.
LRB9010916KDks
LRB9010916KDks
1 AN ACT to amend the Property Tax Code by changing Section
2 15-95.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 15-95 as follows:
7 (35 ILCS 200/15-95)
8 Sec. 15-95. Housing authorities. All property of housing
9 authorities created under the Housing Authorities Act is
10 exempt, if the property and improvements are used for low
11 rent housing and related uses. However, property or portions
12 thereof intended or used for stores or other commercial
13 purposes are not exempt. Nothing herein shall exempt property
14 of housing authorities or any part thereof from special
15 assessments or special taxation for local improvements. For
16 purposes of the exemption contained in this Section only,
17 when privately owned property or a portion thereof is used
18 for low rent housing and related uses by a housing authority,
19 as prescribed in a lease agreement in effect for at least 20
20 years between the owner of the property and the housing
21 authority, the property or portion thereof shall be deemed to
22 be property of the housing authority. The property or
23 portion thereof shall be deemed to be property of a housing
24 authority for only so long as such property is used for low
25 rent housing and related uses by a housing authority. Nothing
26 contained in this Section shall be construed as limiting the
27 power of any political subdivision of this State to sell or
28 furnish a housing authority with water, electricity, gas, or
29 other services and facilities under the same basis that those
30 services and facilities are rendered to others under similar
31 circumstances.
-2- LRB9010916KDks
1 (Source: Laws 1959, p. 1549, 1554, 2219, and 2224; P.A.
2 88-455.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.