(35 ILCS 200/10-70)
Computation of valuation.
(a) Upon receipt of the certificate of rehabilitation, the assessment
officer shall determine the base year valuation and shall make a notation on
each statement of assessment during the 8-year valuation period and the
adjustment valuation period that the valuation of the historic building shall
be based upon the issuance of a certificate of rehabilitation.
(b) Upon revocation of a certificate of rehabilitation,
the assessment officer shall compute the assessed valuation of the
building on the basis of the then current fair cash value.
(c) An historic building receiving a certificate of rehabilitation shall
not be eligible for the homestead improvement exemption during the 8-year
valuation period and adjustment valuation period.
(Source: P.A. 86-1481; 88-455.)