HB1466eng 101ST GENERAL ASSEMBLY

HB1466 Engrossed LRB101 07604 LNS 52651 b

AN ACT concerning civil law.

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

Section 5. The Condominium Property Act is amended by changing Section 10 as follows:

(765 ILCS 605/10) (from Ch. 30, par. 310)

Sec. 10. Separate taxation.

(a) Real property taxes, special assessments, and any other special taxes or charges of the State of Illinois or of any political subdivision thereof, or other lawful taxing or assessing body, which are authorized by law to be assessed against and levied upon real property shall be assessed against and levied upon each unit and the owner's corresponding percentage of ownership in the common elements as a tract, and not upon the property as a whole. For purposes of property taxes, real property owned and used for residential purposes by a condominium association, including a master association, but subject to the exclusive right by easement, covenant, deed or other interest of the owners of one or more condominium properties and used exclusively by the unit owners for recreational or other residential purposes shall be assessed at $1.00 per year. The balance of the value of the property shall be assessed to the condominium unit owners. In counties containing 1,000,000 or more inhabitants, any person desiring to establish or to reestablish an assessment of $1.00 under this Section shall make application therefor and be subject to the provisions of Section 10-35 of the Property Tax Code.

(b) Each condominium unit shall be only subject to the tax rate for those taxing districts in which such unit is actually, physically located. The county clerk shall not apply a rate which is an average of two or more different districts to any condominium unit.

(c) Upon authorization by a two-thirds vote of the members of the board of managers or by the affirmative vote of not less than a majority of the unit owners at a meeting duly called for such purpose, or upon such greater vote as may be required by the declaration or bylaws, the board of managers acting on behalf of all unit owners shall have the power to seek relief from or in connection with the assessment or levy of any such taxes, special assessments or charges, and to charge and collect all expenses incurred in connection therewith as common expenses.

(d) Upon authorization by a two-thirds vote of the unit owners at a meeting duly called for such a purpose, or upon such greater vote as may be required by the declaration or bylaws, the board of managers acting on behalf of all unit owners may allocate the percentage of ownership in the common elements as a tract for each unit for the limited purpose of calculating the assessment or levy of any such taxes, special assessments, or charges of the State of Illinois or of any political subdivision thereof. The allocation of ownership under this subsection shall be based on the square footage of each individual unit. The allocation of ownership under this subsection shall also be separate from, and in addition to, the allocation of ownership for purposes of assessments for common expenses, association special assessments and charges, and voting rights. This subsection applies only to an association with 20 units or less.

(Source: P.A. 88-670, eff. 12-2-94.)