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SB2862 - 104th General Assembly
PROP TX-ABATEMENT
Last Action
Statutes Amended In Order of Appearance
35 ILCS 200/18-167 new
Synopsis As Introduced
Amends the Property Tax Code. Provides that a municipality may, by ordinance, designate an area within its jurisdiction as a retail improvement abatement area if the area (i) is a contiguous area, (ii) consists of at least one-half square mile and not more than 12 square miles, exclusive of lakes and waterways, and (iii) has a vacancy rate for retail properties that exceeds 40% at the time the ordinance is adopted. Provides that owners of retail property that is in a retail improvement abatement area may enter into one or more agreements with any of the taxing districts in which the property is located to abate all or a portion of the taxes levied by the taxing district on the subject property. Provides that the agreement shall require the property owner to make a special payment to the taxing district in lieu of the property taxes that would otherwise be imposed on the property.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/16/2026 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 1/16/2026 | Senate | First Reading |
| 1/16/2026 | Senate | Referred to Assignments |
| 2/03/2026 | Senate | Assigned to Revenue |