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| [ Engrossed ] | [ Enrolled ] | [ House Amendment 001 ] |
91_HB2104
LRB9103763PTpk
1 AN ACT to amend the Property Tax Code by changing Section
2 10-15.
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 10-15.
7 (35 ILCS 200/10-15)
8 Sec. 10-15. Condominiums and cooperatives; building
9 units.
10 (a) In counties with 200,000 or more inhabitants which
11 classify property, condominiums occupied by the owner as a
12 residence for a minimum of 6 months during the year and
13 created in accordance with the provisions of the "Condominium
14 Property Act", as well as land with improvements owned and
15 operated as a cooperative, shall be assessed on the same
16 basis of assessment as single family residences in such
17 counties.
18 (b) In all counties, single family townhome and
19 condominium units within the same building shall each be
20 assessed separately, with respect to the individual unit's
21 valuation, at the statutory level of assessment as equalized
22 by the Department.
23 (Source: P.A. 78-709; 88-455.)