Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/10-25

(35 ILCS 200/10-25)

Sec. 10-25.

Model homes, townhomes, and condominium units.

If the
construction of a single family dwelling is
completed after December 29, 1986 or the construction of a single family
townhome or condominium unit is completed after the effective date of this
amendatory Act of 1994, and that dwelling, townhome, or condominium unit
is not occupied as a
dwelling but is used as a display or demonstration model home, townhome or
condominium unit for prospective
buyers of the dwelling or of similar homes, townhomes, or condominium units
 to be built on
other property, the
assessed value of the property on which the dwelling, townhome, or
condominium was constructed shall be
the same as the assessed value of the property prior to construction and prior
to any change in the zoning classification of the property prior to
construction of the dwelling, townhome or condominium unit.  The
application of this Section shall not be
affected if the display or demonstration model home, townhome or condominium
unit contains home furnishings,
appliances, offices, and office equipment to further sales activities. This
Section shall not be applicable if the dwelling, townhome, or condominium
unit is occupied as a dwelling or
the property on which the dwelling, townhome, or condominium unit is
situated is sold or leased for use other
than as a display or demonstration model home, townhome, or condominium
unit.  No property shall be eligible
for calculation of its assessed value under this Section for more than a
10-year period. If the dwelling, townhome, or condominium unit becomes
ineligible for the alternate valuation,
the owner shall within 60 days file with the chief county assessment officer a
certificate giving notice of such ineligibility.

For the purposes of this Section, no corporation, individual, sole proprietor
or partnership may have more than a total of 3 model homes, townhomes, or
condominium units at the same time
within a 3 mile radius.  The center point of each
radius shall be the display or demonstration model that has been used as such
for the longest period of time.  The person liable for taxes on property
eligible for assessment as provided in this Section shall file a verified
application with the chief county assessment officer on or before (i)
April 30 of each assessment year for which that assessment is desired in
counties with a population of 3,000,000 or more and (ii) December 31 of
each assessment year for which that assessment is desired in all other
counties. Failure to make a
timely filing in any assessment year constitutes a waiver of the right to
benefit for that assessment year.

(Source: P.A. 91-347, eff. 1-1-00.)