HB1466 EngrossedLRB101 07604 LNS 52651 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Condominium Property Act is amended by
5changing Section 10 as follows:
 
6    (765 ILCS 605/10)  (from Ch. 30, par. 310)
7    Sec. 10. Separate taxation.
8    (a) Real property taxes, special assessments, and any other
9special taxes or charges of the State of Illinois or of any
10political subdivision thereof, or other lawful taxing or
11assessing body, which are authorized by law to be assessed
12against and levied upon real property shall be assessed against
13and levied upon each unit and the owner's corresponding
14percentage of ownership in the common elements as a tract, and
15not upon the property as a whole. For purposes of property
16taxes, real property owned and used for residential purposes by
17a condominium association, including a master association, but
18subject to the exclusive right by easement, covenant, deed or
19other interest of the owners of one or more condominium
20properties and used exclusively by the unit owners for
21recreational or other residential purposes shall be assessed at
22$1.00 per year. The balance of the value of the property shall
23be assessed to the condominium unit owners. In counties

 

 

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1containing 1,000,000 or more inhabitants, any person desiring
2to establish or to reestablish an assessment of $1.00 under
3this Section shall make application therefor and be subject to
4the provisions of Section 10-35 of the Property Tax Code.
5    (b) Each condominium unit shall be only subject to the tax
6rate for those taxing districts in which such unit is actually,
7physically located. The county clerk shall not apply a rate
8which is an average of two or more different districts to any
9condominium unit.
10    (c) Upon authorization by a two-thirds vote of the members
11of the board of managers or by the affirmative vote of not less
12than a majority of the unit owners at a meeting duly called for
13such purpose, or upon such greater vote as may be required by
14the declaration or bylaws, the board of managers acting on
15behalf of all unit owners shall have the power to seek relief
16from or in connection with the assessment or levy of any such
17taxes, special assessments or charges, and to charge and
18collect all expenses incurred in connection therewith as common
19expenses.
20    (d) Upon authorization by a two-thirds vote of the unit
21owners at a meeting duly called for such a purpose, or upon
22such greater vote as may be required by the declaration or
23bylaws, the board of managers acting on behalf of all unit
24owners may allocate the percentage of ownership in the common
25elements as a tract for each unit for the limited purpose of
26calculating the assessment or levy of any such taxes, special

 

 

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1assessments, or charges of the State of Illinois or of any
2political subdivision thereof. The allocation of ownership
3under this subsection shall be based on the square footage of
4each individual unit. The allocation of ownership under this
5subsection shall also be separate from, and in addition to, the
6allocation of ownership for purposes of assessments for common
7expenses, association special assessments and charges, and
8voting rights. This subsection applies only to an association
9with 20 units or less.
10(Source: P.A. 88-670, eff. 12-2-94.)