Illinois General Assembly - Full Text of Public Act 094-1086
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Public Act 094-1086


 

Public Act 1086 94TH GENERAL ASSEMBLY



 


 
Public Act 094-1086
 
SB2185 Enrolled LRB094 17030 BDD 52312 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Property Tax Code is amended by changing
Sections 10-245 and 15-143 and by adding Division 15 to Article
10 as follows:
 
    (35 ILCS 200/10-245)
    Sec. 10-245. Method of valuation of low-income housing
projects. Notwithstanding Section 1-55 and except in counties
with a population of more than 200,000 that classify property
for the purposes of taxation, to determine 33 and one-third
percent of the fair cash value of any low-income housing
project developed under the Section 515 program or that
qualifies for the low-income housing tax credit under Section
42 of the Internal Revenue Code, in assessing the project,
local assessment officers must consider the actual or probable
net operating income attributable to the property project,
using a vacancy rate of not more than 5%, capitalized at normal
market rates. The interest rate to be used in developing the
normal market value capitalization rate shall be one that
reflects the prevailing cost of cash for other types of
commercial real estate in the geographic market in which the
low-income housing project is located.
(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
 
    (35 ILCS 200/Art. 10 Div. 15 heading new)
DIVISION 15. SUPPORTIVE LIVING FACILITIES

 
    (35 ILCS 200/10-390 new)
    Sec. 10-390. Valuation of supportive living facilities.
    (a) Notwithstanding Section 1-55, to determine the fair
cash value of any supportive living facility established under
Section 5-5.01a of the Illinois Public Aid Code, in assessing
the facility, a local assessment officer must use the income
capitalization approach.
    (b) When assessing supportive living facilities, the local
assessment officer may not consider:
        (1) payments from Medicaid for services provided to
    residents of supportive living facilities when such
    payments constitute income that is attributable to
    services and not attributable to the real estate; or
        (2) payments by a resident of a supportive living
    facility for services that would be paid by Medicaid if the
    resident were Medicaid-eligible, when such payments
    constitute income that is attributable to services and not
    attributable to real estate.
 
    (35 ILCS 200/15-143)
    Sec. 15-143. Metropolitan Water Reclamation Districts in
counties with a population greater than 3,000,000.
    (a) All property that is located in a county with a
population greater than 3,000,000 and that is owned by a
metropolitan water reclamation district in a county with a
population greater than 3,000,000 is exempt. Any such property
leased to an entity that is not exempt shall remain exempt, and
the leasehold interest of the lessee shall be assessed under
Section 9-195 of this Code. The changes made by this amendatory
Act of the 93rd General Assembly are declaratory of existing
law.
    (b) Property that is owned by a metropolitan water
reclamation district in a county with a population greater than
3,000,000 is exempt, and the leasehold interest is exempt, if
the property is:
        (1) located in Will County; and
        (2) leased to the Will County Forest Preserve District
    for a de minimis amount for use for public purposes.
(Source: P.A. 93-767, eff. 7-20-04.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 1/19/2007