(35 ILCS 200/10-245)
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, 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; 94-1086, eff. 1-19-07.)