Full Text of HB2592

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HB2592 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB2592
 
Introduced 2/6/2025, by Rep. Curtis J. Tarver, II
 
SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-185.25 new
    Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately.


LRB104 08528 HLH 18580 b

 
 
A BILL FOR
 
HB2592LRB104 08528 HLH 18580 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding 
5Section 18-185.25 as follows:
 
6    (35 ILCS 200/18-185.25 new)
7    Sec. 18-185.25. Low-income condominium association 
8abatement. 
9    (a) Upon a majority vote of its governing authority, any 
10taxing district may, after the determination of the assessed 
11valuation of its property, order the county clerk to abate any 
12portion of its taxes on any qualified condominium property. 
13The amount of the abatement may not exceed the special 
14assessments imposed against the property by the condominium 
15association during the taxable year.
16    (b) As used in this Section:
17    "Low-income community" means a census tract where at least 
18half of the households have a household income that does not 
19exceed 80% of the Area Median Income. 
20    "Qualified condominium property" means a condominium that 
21is located in a low-income community and with respect to which 
22the condominium association has imposed a special assessment 
23for repairs during the taxable year.
 
 
 
HB2592- 2 -LRB104 08528 HLH 18580 b

1    Section 99. Effective date. This Act takes effect upon 
2becoming law.