103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5035

 

Introduced 2/8/2024, by Rep. Eva-Dina Delgado

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-178.1 new

    Amends the Property Tax Code. Creates a reduction in assessed value for property that contains a residential structure that is leased to at least one individual who participates in a qualifying income-based rental subsidy program. Provides that the reduction shall be equal to $2,000 multiplied by the number of residential units on the property that are rented to an individual who participates in a qualifying income-based rental subsidy program. Effective immediately.


LRB103 37554 HLH 67679 b

 

 

A BILL FOR

 

HB5035LRB103 37554 HLH 67679 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 15-178.1 as follows:
 
6    (35 ILCS 200/15-178.1 new)
7    Sec. 15-178.1. Reduction in assessed value for affordable
8rental housing occupancy. Notwithstanding any other provision
9of law, each property that contains a residential structure
10that is leased to at least one individual who participates in a
11qualifying income-based rental subsidy program is entitled to
12a reduction in its equalized assessed value in an amount equal
13to $2,000 multiplied by the number of residential units on the
14property that are rented to an individual who participates in
15a qualifying income-based rental subsidy program.
16    To receive the reduction under this Section, the taxpayer
17shall submit an application to the chief county assessment
18officer of the county in which the property is located by July
191 of each taxable year. A county may, by resolution, establish
20a date for submission of applications that is different than
21July 1.
22    As used in this Section "qualifying income-based rental
23subsidy program" has the meaning given to that term in Section

 

 

HB5035- 2 -LRB103 37554 HLH 67679 b

115-178.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.