State of Illinois
91st General Assembly
Legislation

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91_SB1883eng

 
SB1883 Engrossed                               LRB9113239SMdv

 1        AN ACT  to  amend  the  Property  Tax  Code  by  changing
 2    Sections 10-245 and 10-250.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Property Tax Code is amended by  changing
 6    Sections 10-245 and 10-250 as follows:

 7        (35 ILCS 200/10-245)
 8        Sec.   10-245.   Method   of  valuation  of  Section  515
 9    low-income housing projects.   Notwithstanding  Section  1-55
10    and except in counties with a population of more than 200,000
11    that  classify  property  for  the  purposes  of taxation, to
12    determine 33 and one-third percent of the fair cash value  of
13    any  Section 515 low-income housing project, in assessing the
14    project, local assessment officers must consider  the  actual
15    or probable net operating income attributable to the project,
16    using  a  vacancy  rate  of  not more than 5%, capitalized at
17    normal market rates values. The interest rate to be  used  in
18    developing  the normal market value capitalization rate shall
19    be one that reflects the prevailing cost of  cash  for  other
20    types  of  commercial real estate in the geographic market in
21    which the Section 515 project is located.
22    (Source: P.A. 91-651, eff. 1-1-00.)

23        (35 ILCS 200/10-250)
24        Sec. 10-250. Certification procedure and  effective  date
25    of implementation. After (i) an application for a Section 515
26    low-income  housing  project  certificate  is  filed with the
27    State Director of the United States Department of Agriculture
28    Rural Development Office in a manner and form  prescribed  in
29    regulations  issued by the office and (ii) the certificate is
30    issued  certifying  that  the  housing  is  a   Section   515
 
SB1883 Engrossed            -2-                LRB9113239SMdv
 1    low-income  housing  project  as defined in Section 2 of this
 2    Act, the certificate must be  presented  to  the  appropriate
 3    local  assessment  officer to receive the property assessment
 4    valuation under this Division. The local  assessment  officer
 5    must  assess the property according to this Act. Beginning on
 6    January 1, 2000, all certified Section 515 low-income housing
 7    projects shall be assessed in accordance with Section 10-245.
 8    The  effective  date  of  a  certificate  is  the   date   of
 9    application   for   the   certificate  or  the  date  of  the
10    construction of the project, whichever is later.
11    (Source: P.A. 91-651, eff. 1-1-00.)

12        Section 99.  Effective date.  This Act takes effect  upon
13    becoming law.

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