(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.)
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(35 ILCS 200/10-30)
Sec. 10-30. Subdivisions; counties of less than 3,000,000.
(a) In counties with less than 3,000,000 inhabitants, the platting and
subdivision of property into separate lots and the development of the
subdivided property with streets, sidewalks, curbs, gutters, sewer, water and
utility lines shall not increase the assessed valuation of all or any part of
the property, if:
(1) The property is platted and subdivided in |
| accordance with the Plat Act;
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(2) The platting occurs after January 1, 1978;
(3) At the time of platting the property is in excess
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(4) At the time of platting the property is vacant or
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| used as a farm as defined in Section 1-60.
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(b) Except as provided in subsection (c) of this Section, the assessed
valuation of property so platted and subdivided shall be determined each year
based on the estimated price the property would bring at a fair voluntary sale
for use by the buyer for the same purposes for which the property was used when
last assessed prior to its platting.
(c) Upon completion of a habitable structure on any lot of subdivided
property, or upon the use of any lot, either alone or in conjunction
with any contiguous property, for any business, commercial or residential
purpose, or upon the initial sale of any platted lot, including a platted
lot which is vacant: (i) the provisions of subsection (b) of this Section
shall no longer apply in determining the assessed valuation of the lot, (ii)
each lot shall be assessed without regard to any provision of this Section, and
(iii) the assessed valuation of the remaining property, when next determined,
shall be reduced proportionately to reflect the exclusion of the property that
no longer qualifies for valuation under this Section. Holding or offering a
platted lot for initial sale shall not constitute a use of the lot for
business, commercial or residential purposes unless a habitable structure is
situated on the lot or unless the lot is otherwise used for a business,
commercial or residential purpose.
(d) This Section applies before the effective date of this amendatory Act of the 96th General Assembly and then applies again beginning January 1, 2012.
(Source: P.A. 95-135, eff. 1-1-08; 96-480, eff. 8-14-09.)
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(35 ILCS 200/10-31)
Sec. 10-31. Subdivisions; counties of less than 3,000,000. (a) In counties with less than 3,000,000 inhabitants, the platting and
subdivision of property into separate lots and the development of the
subdivided property with streets, sidewalks, curbs, gutters, sewer, water and
utility lines shall not increase the assessed valuation of all or any part of
the property, if: (1) The property is platted and subdivided in |
| accordance with the Plat Act;
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(2) The platting occurs after January 1, 1978;
(3) At the time of platting the property is in excess
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(4) At the time of platting or replatting the
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| property is vacant or used as a farm as defined in Section 1-60.
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(b) Except as provided in subsection (c) of this Section, the assessed
valuation of property so platted and subdivided shall be determined
based on the assessed value assigned to the property when last assessed prior to its last transfer or conveyance. An initial sale of any platted lot, including a lot that is vacant, or a transfer to a holder of a mortgage, as defined in Section 15-1207 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure, does not disqualify that lot from the provisions of this subsection (b).
(c) Upon completion of a habitable structure on any lot of subdivided
property, or upon the use of any lot, either alone or in conjunction
with any contiguous property, for any business, commercial or residential
purpose: (i) the provisions of subsection (b) of this Section
shall no longer apply in determining the assessed valuation of the lot, (ii)
each lot shall be assessed without regard to any provision of this Section, and
(iii) the assessed valuation of the remaining property, when next determined,
shall be reduced proportionately to reflect the exclusion of the property that
no longer qualifies for valuation under this Section. Holding or offering a
platted lot for initial sale shall not constitute a use of the lot for
business, commercial or residential purposes unless a habitable structure is
situated on the lot or unless the lot is otherwise used for a business,
commercial or residential purpose. The replatting of a subdivision or portion of a subdivision does not disqualify the replatted lots from the provisions of subsection (b).
(d) This Section applies on and after the effective date of this amendatory Act of the 96th General Assembly and through December 31, 2011.
(Source: P.A. 96-480, eff. 8-14-09.)
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(35 ILCS 200/10-40)
Sec. 10-40.
Historic Residence Assessment Freeze Law;
definitions.
This Section and Sections 10-45 through 10-85 may be cited as the Historic
Residence Assessment Freeze Law.
As used in this Section
and Sections 10-45 through 10-85:
(a) "Director" means the Director of Historic |
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(b) "Approved county or municipal landmark ordinance"
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| means a county or municipal ordinance approved by the Director.
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(c) "Historic building" means an owner-occupied
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| single family residence or an owner-occupied multi-family residence and the tract, lot or parcel upon which it is located, or a building or buildings owned and operated as a cooperative, if:
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(1) individually listed on the National Register
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| of Historic Places or the Illinois Register of Historic Places;
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(2) individually designated pursuant to an
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| approved county or municipal landmark ordinance; or
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(3) within a district listed on the National
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| Register of Historic Places or designated pursuant to an approved county or municipal landmark ordinance, if the Director determines that the building is of historic significance to the district in which it is located.
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Historic building does not mean an individual unit of a
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(d) "Assessment officer" means the chief county
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(e) "Certificate of rehabilitation" means the
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| certificate issued by the Director upon the renovation, restoration, preservation or rehabilitation of an historic building under this Code.
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(f) "Rehabilitation period" means the period of time
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| necessary to renovate, restore, preserve or rehabilitate an historic building as determined by the Director.
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(g) "Standards for rehabilitation" means the
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| Secretary of Interior's standards for rehabilitation as promulgated by the U.S. Department of the Interior.
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(h) "Fair cash value" means the fair cash value of
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| the historic building, determined on the basis of the assessment officer's property record card, representing the value of the property prior to the commencement of rehabilitation without consideration of any reduction reflecting value during the rehabilitation work.
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(i) "Base year valuation" means the fair cash value
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| of the historic building for the year in which the rehabilitation period begins but prior to the commencement of the rehabilitation and does not include any reduction in value during the rehabilitation work.
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(j) "Adjustment in value" means the difference for
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| any year between the then current fair cash value and the base year valuation.
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(k) "Eight-year valuation period" means the 8 years
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| from the date of the issuance of the certificate of rehabilitation.
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(l) "Adjustment valuation period" means the 4 years
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| following the 8 year valuation period.
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(m) "Substantial rehabilitation" means interior or
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| exterior rehabilitation work that preserves the historic building in a manner that significantly improves its condition.
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(n) "Approved local government" means a local
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| government that has been certified by the Director as:
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(1) enforcing appropriate legislation for the
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| designation of historic buildings;
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(2) having established an adequate and qualified
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| historic review commission;
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(3) maintaining a system for the survey and
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| inventory of historic properties;
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(4) providing for adequate public participation
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| in the local historic preservation program; and
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(5) maintaining a system for reviewing
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| applications under this Section in accordance with rules and regulations promulgated by the Director.
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(o) "Cooperative" means a building or buildings and
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| the tract, lot, or parcel on which the building or buildings are located, if the building or buildings are devoted to residential uses by the owners and fee title to the land and building or buildings is owned by a corporation or other legal entity in which the shareholders or other co-owners each also have a long-term proprietary lease or other long-term arrangement of exclusive possession for a specific unit of occupancy space located within the same building or buildings.
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(p) "Owner", in the case of a cooperative, means the
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(q) "Association", in the case of a cooperative,
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| means the entity responsible for the administration of a cooperative, which entity may be incorporated or unincorporated, profit or nonprofit.
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(r) "Owner-occupied single family residence" means a
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| residence in which the title holder of record (i) holds fee simple ownership and (ii) occupies the property as his, her, or their principal residence.
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(s) "Owner-occupied multi-family residence" means
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| residential property comprised of not more than 6 living units in which the title holder of record (i) holds fee simple ownership and (ii) occupies one unit as his, her, or their principal residence. The remaining units may be leased.
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The changes made to this Section by this amendatory Act of the 91st General
Assembly are declarative of existing law and shall not be construed as a new
enactment.
(Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.)
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