97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3676

 

Introduced 2/10/2012, by Sen. Donne E. Trotter

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/18-182 new

    Amends the Property Tax Code. Provides that the county clerk shall abate 100% of property taxes levied by any taxing district for the first taxable year on foreclosed residential real estate purchased or otherwise received by a taxpayer for improvement, subject to certain conditions. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 18-182 as follows:
 
6    (35 ILCS 200/18-182 new)
7    Sec. 18-182. Abatement for abandoned and foreclosed
8property.
9    (a) Beginning July 1, 2012 and ending June 30, 2015, the
10county clerk shall abate 100% of property taxes levied by any
11taxing district under this Code, for the first taxable year, on
12foreclosed residential real estate purchased or otherwise
13received by a taxpayer for improvement, subject to the
14following conditions:
15        (1) an existing residential dwelling structure is
16    present on the parcel;
17        (2) that structure was unoccupied at the time of
18    conveyance;
19        (3) the parcel was the subject of a foreclosure action
20    that was filed after January 1, 2008;
21        (4) the taxpayer does not occupy or intend to occupy
22    the property as his or her principal residence;
23        (5) the taxpayer immediately secures or encloses the

 

 

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1    property, in accordance with Section 11-31-1.01 of the
2    Illinois Municipal Code, and commences making improvements
3    within 90 days after conveyance; and
4        (6) the residential improvements on the parcel include
5    no more than 12 units of housing, which may also include
6    commercial space.
7    (b) For purposes of this Section, "improvement" means the
8repair, replacement, and upgrade of any and all features of the
9residential structure, especially those that bring the
10structure into compliance with local building, plumbing, and
11electrical codes, though the undertaking of solely cosmetic
12improvements shall not disqualify a taxpayer from receiving the
13abatement.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.