(35 ILCS 200/10-355)
Sec. 10-355.
Fraternal organization assessment freeze.
(a) For the taxable year 2002 and thereafter, the assessed value of real
property owned and used by a fraternal
organization that on December 31, 1926 had its national headquarters in
Illinois or that
was chartered in Illinois in February 1898, or its subordinate
organization or entity, that is exempt under Section 501(c)(8) of
the Internal Revenue Code and
whose members provide, directly or indirectly, financial support for
charitable works, which may include medical care, drug rehabilitation, or
education, shall be established by the chief county assessment officer as
follows:
(1) if the property meets the qualifications set | ||
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(2) if the property first meets the qualifications | ||
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If, in any year, additions or improvements are made to property subject to
assessment under this Section and the additions or improvements would increase
the assessed value of the property, then 15% of the final assessed value of the
additions or improvements shall be added to the final assessed value of the
property for the year in which the additions or improvements are completed and
for all subsequent years that the property is eligible for assessment under
this Section.
(b) For purposes of this Section, "final assessed value" means the assessed
value after final board of review action.
(c) Fraternal organizations whose property is assessed under this Section
must annually submit an application to the chief county assessment officer on
or before (i) January 31 of the assessment year in counties with a population
of 3,000,000 or more and (ii) December 31 of the assessment year in all other
counties. The initial application must contain the information required by the
Department of Revenue, which shall prepare the form, including:
(1) a copy of the organization's charter from the | ||
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(2) the location or legal description of the property | ||
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(3) a written instrument evidencing that the | ||
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(4) an affidavit that the organization is liable for | ||
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(5) the signature of the organization's chief | ||
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Subsequent applications shall include any changes in the initial application
and shall affirm the ownership, use, and liability for taxes for the year in
which it is submitted. All applications shall be notarized.
(d) This Section does not apply to parcels exempt from property taxes under
this Code.
(Source: P.A. 92-388, eff. 1-1-02; 92-859, eff. 1-3-03.)
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(35 ILCS 200/10-360)
Sec. 10-360.
Fraternal organization assessment freeze.
(a) For the taxable year 2003 and thereafter, the assessed value of real
property owned and used by a fraternal organization or its affiliated Illinois
not for profit corporation chartered prior to 1920 that is an exempt entity
under Section 501(c)(2), 501(c)(8) or 501(c)(10) of the
Internal Revenue Code and
whose members provide, directly or indirectly, financial support for
charitable works, which may include medical care, drug rehabilitation, or
education, shall be established by the chief county assessment officer as
follows:
(1) if the property meets the qualifications set | ||
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(2) if the property first meets the qualifications | ||
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If, in any year, additions or improvements are made to property subject to
assessment under this Section and the additions or improvements would increase
the assessed value of the property, then 15% of the final assessed value of the
additions or improvements shall be added to the final assessed value of the
property for the year in which the additions or improvements are completed and
for all subsequent years that the property is eligible for assessment under
this Section.
(b) For purposes of this Section, "final assessed value" means the assessed
value after final board of review action.
(c) Fraternal organizations or their affiliated not for profit corporations
whose property is assessed under this Section
must annually submit an application to the chief county assessment officer on
or before (i) January 31 of the assessment year in counties with a population
of 3,000,000 or more and (ii) December 31 of the assessment year in all other
counties. The initial application must contain the information required by the
Department of Revenue, which shall prepare the form, including:
(1) the location or legal description of the property | ||
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(2) a written instrument evidencing that the | ||
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(3) an affidavit that the organization or not for | ||
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(4) the signature of the organization's or not for | ||
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Subsequent applications shall include any changes in the initial application
and shall affirm the ownership, use, and liability for taxes for the year in
which it is submitted. All applications shall be notarized.
(d) This Section does not apply to parcels exempt from property taxes under
this Code.
(Source: P.A. 92-859, eff. 1-3-03.)
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(35 ILCS 200/Art. 10 Div. 14 heading) Division 14. Valuation of certain leases of exempt property
(Source: P.A. 94-974, eff. 6-30-06 .) |
(35 ILCS 200/10-365) Sec. 10-365. U.S. Military Public/Private Residential Developments. Unless otherwise agreed to pursuant to a separate settlement agreement pursuant to Section 10-385 of this Code, PPV Leases must be classified and valued as set forth in Sections 10-370 through 10-380 during the period beginning January 1, 2006 and ending December 31, 2055.
(Source: P.A. 99-738, eff. 8-5-16; 100-456, eff. 8-25-17.) |
(35 ILCS 200/10-370) Sec. 10-370. Definitions. For the purposes of this Division 14: (a) "PPV Lease" means a leasehold interest in property that is exempt from taxation under Section 15-50 of this Code and that is leased, pursuant to authority set forth in Chapter 10 of the United States Code, to another whose property is not exempt for the purpose of, after January 1, 2006, the design, finance, construction, renovation, management, operation, and maintenance of rental housing units and associated improvements at military training facilities, military bases, and related military support facilities in the State of Illinois. All interests enjoyed pursuant to the authority set forth in Chapter 159 or Chapter 169 of Title 10 of the United States Code are considered leaseholds for the purposes of this Division. The changes to this Section made by this amendatory Act of the 97th General Assembly apply beginning on January 1, 2006. (b) For tax years prior to 2017, for naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the lesser of (i) 62% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization. For all other military training facilities, military bases, and related military support facilities, "net operating income" means all revenues received minus the lesser of (i) 42% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization. (b-5) For tax year 2017 and thereafter, for naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the actual expenses before interest, taxes, depreciation, and amortization. (c) "Tax load factor" means the level of assessment, as set forth under item (b) of Section 9-145 or under Section 9-150, multiplied by the cumulative tax rate for the current taxable year.
(Source: P.A. 100-456, eff. 8-25-17.) |
(35 ILCS 200/10-375) Sec. 10-375. Valuation. (a) A PPV Lease must be valued at its fair cash value, as provided under item (b) of Section 9-145 or under Section 9-150. (b) The fair cash value of a PPV Lease must be determined by using an income capitalization approach.
(c) To determine the fair cash value of a PPV Lease, the net operating income is divided by (i) a rate of 12% plus (ii) the actual or most recently ascertainable tax load factor for the subject year. (d) By April 15 of each year, the holder of a PPV Lease must report to the chief county assessment officer in each county in which the leasehold property is located the annual gross income and expenses derived and incurred from the PPV Lease, including the rental of leased property for each military housing facility subject to a PPV Lease.
(Source: P.A. 100-456, eff. 8-25-17.) |