SB3676 97TH GENERAL ASSEMBLY

LRB097 18374 HLH 63600 b

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 18-182 as follows:

(35 ILCS 200/18-182 new)

Sec. 18-182. Abatement for abandoned and foreclosed property.

(a) Beginning July 1, 2012 and ending June 30, 2015, the county clerk shall abate 100% of property taxes levied by any taxing district under this Code, for the first taxable year, on foreclosed residential real estate purchased or otherwise received by a taxpayer for improvement, subject to the following conditions:

(1) an existing residential dwelling structure is present on the parcel;

(2) that structure was unoccupied at the time of conveyance;

(3) the parcel was the subject of a foreclosure action that was filed after January 1, 2008;

(4) the taxpayer does not occupy or intend to occupy the property as his or her principal residence;

(5) the taxpayer immediately secures or encloses the property, in accordance with Section 11-31-1.01 of the Illinois Municipal Code, and commences making improvements within 90 days after conveyance; and

(6) the residential improvements on the parcel include no more than 12 units of housing, which may also include commercial space.

(b) For purposes of this Section, "improvement" means the repair, replacement, and upgrade of any and all features of the residential structure, especially those that bring the structure into compliance with local building, plumbing, and electrical codes, though the undertaking of solely cosmetic improvements shall not disqualify a taxpayer from receiving the abatement.

Section 99. Effective date. This Act takes effect upon becoming law.