Illinois General Assembly - Bill Status for SB3529
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 Bill Status of SB3529  102nd General Assembly

Short Description:  PROP TX-RENTAL HOUSING

Senate Sponsors
Sen. Sara Feigenholtz - Iris Y. Martinez - Mattie Hunter, Ram Villivalam and John F. Curran

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/15-178 new

Synopsis As Introduced
Amends the Property Tax Code. Provides for a reduction in the assessed value of newly-constructed or rehabilitated rental property if the owner of the residential real property commits that, for a period of 10 years, at least 15% of the multifamily building's units will have rents that are at or below maximum rents and are occupied by households with household incomes at or below maximum income limits. Provides that the chief county assessment officer of a county with 3,000,000 or more inhabitants shall establish such a program. Sets forth application requirements and the amount of the reduction. Effective immediately.

DateChamber Action
  2/14/2020SenateFiled with Secretary by Sen. Sara Feigenholtz
  2/14/2020SenateFirst Reading
  2/14/2020SenateReferred to Assignments
  2/20/2020SenateAdded as Chief Co-Sponsor Sen. Iris Y. Martinez
  2/26/2020SenateAdded as Co-Sponsor Sen. Ram Villivalam
  2/26/2020SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  3/3/2020SenateAdded as Co-Sponsor Sen. John F. Curran
  1/13/2021SenateSession Sine Die

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