(35 ILCS 200/10-700) Sec. 10-700. Qualified commercial and industrial property; tornado disaster. Notwithstanding any other provision of law, each qualified parcel of commercial or industrial property owned and used by a small business shall be valued at the lesser of (i) its modified equalized assessed value or (ii) 33 1/3% of its fair cash value or, in the case of property located in a county that classifies property for purposes of taxation in accordance with Section 4 of Article IX of the Constitution, the percentage of fair cash value as required by county ordinance. The method of valuation under this Section shall continue until there is a change in use or ownership of the property or until the fifteenth taxable year after the tornado disaster occurs, whichever occurs first. In order to qualify for valuation under this Section, the structure must be rebuilt within 2 years after the date of the tornado disaster, and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the tornado disaster. "Base year" means the taxable year prior to the taxable year in which the tornado disaster occurred. "Modified equalized assessed value" means: (1) in the first taxable year after the tornado | ||
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(2) in the second taxable year after the tornado | ||
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"Tornado disaster" means an occurrence of widespread or severe damage or loss of property resulting from a tornado or combination of tornadoes that has been proclaimed as a natural disaster by the Governor or the President of the United States. "Qualified parcel of property" means property that (i) is owned and used exclusively for commercial or industrial purposes by a small business and (ii) has been rebuilt following a tornado disaster occurring in taxable year 2013 or any taxable year thereafter. "Small business" means a business that employs fewer than 50 full-time employees.
(Source: P.A. 98-702, eff. 7-7-14.) |
(35 ILCS 200/10-705) Sec. 10-705. Keystone property. (a) For the purposes of this Section: "Base year" means the last tax year prior to the date | ||
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"Tax year" means the calendar year for which assessed | ||
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"Keystone property" means property that has had a | ||
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(1) the property contains an existing industrial | ||
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(2) the property is located on a lot, parcel, or | ||
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(3) the industrial structure was originally built | ||
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(4) the property has been vacant for a period of | ||
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(5) the property is not located in a tax | ||
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(b) Within one year from the effective date of this amendatory Act of the 100th General Assembly, owners of real property may apply with the municipality in which the property is located to have the property designated as keystone property. If the property meets the criteria for keystone property set forth in subsection (a), then the corporate authorities of the municipality have one year from the effective date of this amendatory Act of the 100th General Assembly within which they may certify the property as keystone property for the purposes of promoting rehabilitation of vacant property and fostering job creation in the fields of manufacturing and research and development. The certification shall be transmitted to the chief county assessment officer as soon as possible after the property is certified. (c) Beginning with the first tax year after the property is certified as keystone property and continuing through the twelfth tax year after the property is certified as keystone property, for the purpose of taxation under this Code, the property shall be valued at 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, and other permanent fixtures located on the property. For the first 3 tax years after the property is certified as keystone property, the aggregate tax liability for the property shall be no greater than $75,000. That aggregate tax liability, once collected, shall be distributed to the taxing districts in which the property is located according to each taxing district's proportionate share of that aggregate liability. Beginning with the fourth tax year after the property is certified as keystone property and continuing through the twelfth tax year after the property is certified as keystone property, the property's tax liability for each taxing district in which the property is located shall be increased over the tax liability for the preceding year by the percentage increase, if any, in the total equalized assessed value of all property in the taxing district. No later than March 1 of each year before taxes are extended for the prior tax year, the Village of Park Forest shall certify to the county clerk of the county in which the property is located a percentage reduction to be applied to property taxes to limit the aggregate tax liability on keystone property in accordance with this Section.
(Source: P.A. 100-510, eff. 9-15-17.) |
(35 ILCS 200/Art. 10 Div. 20 heading) Division 20. Commercial solar energy systems
(Source: P.A. 100-781, eff. 8-10-18.) |
(35 ILCS 200/10-720) Sec. 10-720. Definitions. For the purpose of this Division
20: "Allowance for physical depreciation" means (i) the actual age
in years of the commercial solar energy system on the assessment
date divided by 25 years, multiplied by (ii) its trended real property
cost basis. The physical depreciation, however, may not reduce
the value of the commercial solar energy system to less than 30%
of its trended real property cost basis. "Commercial solar energy system" means any device or
assembly of devices that (i) is ground installed and (ii) uses
solar energy from the sun for generating electricity for the
primary purpose of wholesale or retail sale and not primarily
for consumption on the property on which the device or devices
reside. "Commercial solar energy system real property cost basis"
means the owner of a commercial solar energy system's
interest in the land within the project boundaries and real
property improvements and shall be calculated at $218,000 per megawatt of
nameplate capacity. For the purposes of this Section,
"nameplate capacity" has the same definition as found in Section
1-10 of the Illinois Power Agency Act. "Ground installed" means the installation of a commercial
solar energy system, with the primary purpose of solar energy
generation for wholesale or retail sale, on a parcel or tract of
land. "Trended real property cost basis" means the commercial
solar energy system real property cost basis multiplied by the
trending factor. "Trending factor" means a number equal to the Consumer
Price Index (U.S. city average all items) published by the
Bureau of Labor Statistics for the December immediately
preceding the assessment date, divided by the Consumer Price
Index (U.S. city average all items) published by the Bureau of
Labor Statistics for December of 2017.
(Source: P.A. 100-781, eff. 8-10-18.) |
(35 ILCS 200/10-725) Sec. 10-725. Improvement valuation of commercial solar
energy systems in counties with fewer than 3,000,000
inhabitants. Beginning in assessment year 2018, the fair cash
value of commercial solar energy system improvements in counties
with fewer than 3,000,000 inhabitants shall be determined by
subtracting the allowance for physical depreciation from the
trended real property cost basis. Functional obsolescence and
external obsolescence of the solar energy device may further
reduce the fair cash value of the commercial solar energy system
improvements, to the extent they are proved by the taxpayer by
clear and convincing evidence.
(Source: P.A. 100-781, eff. 8-10-18.) |
(35 ILCS 200/10-735) Sec. 10-735. Commercial solar energy systems not subject to
equalization. Commercial solar energy systems assessable under
this Division are not subject to equalization factors applied by
the Department or any board of review, assessor, or chief county
assessment officer.
(Source: P.A. 100-781, eff. 8-10-18.) |
(35 ILCS 200/10-740) Sec. 10-740. Survey for ground installed commercial solar
energy systems; parcel identification numbers for property
improved with a ground installed commercial solar energy system.
Notwithstanding any other provision of law, the owner of the
ground installed commercial solar energy system shall commission
a metes and bounds survey description of the land upon which the
commercial solar energy system is installed, including access
routes, over which the owner of the commercial solar energy
system has exclusive control. The owner of the ground installed
commercial solar energy system shall, at his or her own expense,
use an Illinois-registered land surveyor to prepare the survey.
The owner of the ground installed commercial solar energy system
shall deliver a copy of the survey to the chief county
assessment officer and to the owner of the land upon which the
ground installed commercial solar energy system is constructed. Upon receiving a copy of the survey and an agreed acknowledgement to the separate parcel identification number by the owner of the land upon which the ground installed commercial solar energy system is constructed, the chief county assessment officer shall issue a separate parcel identification for the real property improvements, including the land containing the ground installed commercial solar energy system, to be used only for the purposes of property assessment for taxation. The property records shall contain the legal description of the
commercial solar energy system parcel and describe any leasehold
interest or other interest of the owner of the commercial solar
energy system in the property. A plat prepared under this
Section shall not be construed as a violation of the Plat Act.
(Source: P.A. 100-781, eff. 8-10-18.) |