State of Illinois
92^nd General Assembly
Legislation

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92_HB3775eng

 
HB3775 Engrossed                               LRB9212638SMdv

 1        AN ACT concerning taxes.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Property Tax Code is amended by  changing
 5    Section 18-177 as follows:

 6        (35 ILCS 200/18-177)
 7        Sec.   18-177.   Leased  low-rent  housing abatement.  In
 8    counties of 3,000,000 or more inhabitants, the  county  clerk
 9    shall  abate  property  taxes  levied  by any taxing district
10    under  this  Code  on  property  that  meets  the   following
11    requirements:
12             (1)  Does  not  qualify  as  exempt  property  under
13        Section 15-95 of this Code.
14             (2)  Is situated in a municipality with 1,000,000 or
15        more  inhabitants  and improved with either a multifamily
16        dwelling or a multi-building development that is  subject
17        to   a   leasing   agreement,  regulatory  and  operating
18        agreement, or other similar  instrument  with  a  Housing
19        Authority  created under the Housing Authorities Act that
20        sets forth the terms for leasing low-rent housing.
21             (3)  consisting of 6 units or more  that  is  leased
22        For  a  period  of  not  less  than 20 years to a housing
23        authority created under the Housing Authorities Act;  but
24        only  if  the  property and improvements, or the property
25        and improvements for which the abatement is  sought,  are
26        used  solely for low-rent housing and related uses by the
27        housing  authority  as  prescribed  in  a  written  lease
28        agreement.
29        Property and portions of property used or intended to  be
30    used  for  commercial  purposes  are  not  eligible  for  the
31    abatement  provided in this Section.  A The housing authority
 
HB3775 Engrossed            -2-                LRB9212638SMdv
 1    created under the Housing Authorities Act shall file annually
 2    with the county  clerk  for  any  property  eligible  for  an
 3    abatement  under  this  Section,  on a form prescribed by the
 4    county clerk, a certificate of the property's use during  the
 5    immediately  preceding  year.  The  certificate shall certify
 6    that the property or a portion  of  the  property  meets  the
 7    requirements   of   this   Section   and  that  the  eligible
 8    residential units have been inspected within the previous  90
 9    60  days  and meet or exceed all housing quality standards of
10    the authority.  If only a portion of the property meets these
11    requirements, the certificate shall state the amount of  that
12    portion  as  a percentage of the total equalized and assessed
13    value of the property.  If the property is improved  with  an
14    eligible  multifamily  dwelling or multi-building development
15    containing residential units that are individually  assessed,
16    no  more than 40% one-third of those residential units may be
17    certified.  If the property  is  improved  with  an  eligible
18    multifamily dwelling or multi-building development containing
19    residential  units  that  are  not individually assessed, the
20    portion of the property certified  shall  represent  no  more
21    than  40%  one-third  of those residential units.  The county
22    clerk shall abate the taxes only if a certificate of use  has
23    been  timely  filed  for that year.  If only a portion of the
24    property has been certified as  eligible,  the  county  clerk
25    shall  abate  the  taxes  in  the  percentage  so  certified.
26    Whenever  a  housing  authority  is  the  lessee  of property
27    receives  that  is  eligible  for  an  abatement  under  this
28    Section, the rental rate set under the lease, regulatory  and
29    operating  agreement,  or  other  similar instrument for that
30    property shall not include property taxes reflect a reduction
31    in payments due under the lease from the housing authority in
32    the full amount of  the  abatement.   No  property  shall  be
33    eligible for abatement under this Section if the owner of the
34    property  has  any  outstanding  and  overdue  debts  to  the
 
HB3775 Engrossed            -3-                LRB9212638SMdv
 1    municipality in which the property is situated.
 2    (Source: P.A. 90-767, eff. 1-1-99.)

 3        Section  99.  Effective date.  This Act takes effect upon
 4    becoming law.

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