PETERSON-VIVERITO. (SMITH,MICHAEL-TURNER,ART-BOLAND-HOLBROOK) 35 ILCS 200/10-245 35 ILCS 200/10-250 Amends the Property Tax Code. Provides that, in assessing a Section 515 low-income housing project based on actual or probable net operating income attributable to the project, the local assessment officer must use a vacancy rate of not more than 5%, capitalized at normal market rates (now, market values). Removes language stating that the effective date of a Section 515 low-income housing certificate is the date of application for the certificate or the date of the construction of the project, whichever is later, and instead states that, beginning on January 1, 2000, all certified Section 515 low-income housing projects shall be assessed in accordance with the special assessment provisions regarding those projects. Effective immediately. 00-02-08 S FIRST READING 00-02-08 S REFERRED TO SENATE RULES COMMITTEE RULES 00-02-10 S ASSIGNED TO COMMITTEE REVENUE 00-02-17 S DO PASS 008-000-000 SREV 00-02-17 S PLACED ON CALENDAR ORDER OF 2ND READING 00-02-22 00-02-23 S SECOND READING 00-02-23 S PLACED ON CALENDAR ORDER OF 3RD READING 00-02-24 00-02-24 S ADDED AS A CHIEF CO-SPONSOR VIVERITO 00-02-24 S THIRD READING - PASSED 058-000-000 00-02-24 H ARRIVE IN HOUSE 00-02-24 H HOUSE SPONSOR HARRIS 00-02-24 H FIRST READING 00-02-24 H REFERRED TO HOUSE RULES COMMITTEE RULES 00-02-29 H ALTERNATE PRIMARY SPONSOR CHANGED TO SMITH,MICHAEL 00-02-29 H ADDED AS A JOINT SPONSOR TURNER,ART 00-02-29 H ADDED AS A JOINT SPONSOR BOLAND 00-03-16 H ASSIGNED TO COMMITTEE REVENUE 00-03-24 H DO PASS/SHORT DEBATE 005-004-000 HREV 00-03-24 H PLACED CALENDAR 2ND READING-SHORT DEBATE 00-03-28 H SECOND READING-SHORT DEBATE 00-03-28 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 00-03-28 H ADDED AS A JOINT SPONSOR HOLBROOK 00-04-05 H THIRD READING/SHORT DEBATE/PASSED 117-000-001 00-04-05 S PASSED BOTH HOUSES 00-05-04 S SENT TO THE GOVERNOR 00-06-30 S GOVERNOR APPROVED 00-06-30 S EFFECTIVE DATE 00-06-30 00-06-30 S PUBLIC ACT.............................. 91-0884 END OF INQUIRY Full Text Bill Summary