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|[ Introduced ]||[ Engrossed ]||[ House Amendment 001 ]|
92_HB3775enr HB3775 Enrolled LRB9212638SMdv 1 AN ACT concerning taxes. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Property Tax Code is amended by changing 5 Section 18-177 as follows: 6 (35 ILCS 200/18-177) 7 Sec. 18-177. Leased low-rent housing abatement. In 8 counties of 3,000,000 or more inhabitants, the county clerk 9 shall abate property taxes levied by any taxing district 10 under this Code on property that meets the following 11 requirements: 12 (1) Does not qualify as exempt property under 13 Section 15-95 of this Code. 14 (2) Is situated in a municipality with 1,000,000 or 15 more inhabitants and improved with either a multifamily 16 dwelling or a multi-building development that is subject 17 to a leasing agreement, regulatory and operating 18 agreement, or other similar instrument with a Housing 19 Authority created under the Housing Authorities Act that 20 sets forth the terms for leasing low-rent housing. 21 (3)
consisting of 6 units or more that is leased22 For a period of not less than 20 years to a housing23 authority created under the Housing Authorities Act; but24 only ifthe property and improvements , or the property25 and improvements for which the abatement is sought,are 26 used solely for low-rent housing and related uses by the27 housing authority as prescribed in a written lease28 agreement. 29 Property and portions of property used or intended to be 30 used for commercial purposes are not eligible for the 31 abatement provided in this Section. A Thehousing authority HB3775 Enrolled -2- LRB9212638SMdv 1 created under the Housing Authorities Act shall file annually 2 with the county clerk for any property eligible for an 3 abatement under this Section, on a form prescribed by the 4 county clerk, a certificate of the property's use during the 5 immediately preceding year. The certificate shall certify 6 that the property or a portion of the property meets the 7 requirements of this Section and that the eligible 8 residential units have been inspected within the previous 90 9 60days and meet or exceed all housing quality standards of 10 the authority. If only a portion of the property meets these 11 requirements, the certificate shall state the amount of that 12 portion as a percentage of the total equalized and assessed 13 value of the property. If the property is improved with an 14 eligible multifamily dwelling or multi-building development 15 containing residential units that are individually assessed, 16 no more than 40% one-thirdof those residential units may be 17 certified. If the property is improved with an eligible 18 multifamily dwelling or multi-building development containing 19 residential units that are not individually assessed, the 20 portion of the property certified shall represent no more 21 than 40% one-thirdof those residential units. The county 22 clerk shall abate the taxes only if a certificate of use has 23 been timely filed for that year. If only a portion of the 24 property has been certified as eligible, the county clerk 25 shall abate the taxes in the percentage so certified. 26 Whenever a housing authority is the lessee ofproperty 27 receives that is eligible foran abatement under this 28 Section, the rental rate set under the lease, regulatory and 29 operating agreement, or other similar instrument for that 30 property shall not include property taxes reflect a reduction31 in payments due under the lease from the housing authority in32 the full amount of the abatement. No property shall be 33 eligible for abatement under this Section if the owner of the 34 property has any outstanding and overdue debts to the HB3775 Enrolled -3- LRB9212638SMdv 1 municipality in which the property is situated. 2 (Source: P.A. 90-767, eff. 1-1-99.) 3 Section 99. Effective date. This Act takes effect upon 4 becoming law.
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