(35 ILCS 200/10-235)
Sec. 10-235. Low-income housing project valuation policy;
intent. It is the policy of this State that low-income housing projects
developed under Section 515 of the federal Housing Act or that qualify for the low-income housing tax credit under Section 42 of the
Internal Revenue Code shall be valued at 33 and
one-third percent of the fair market value of their economic productivity
to the owners of the projects to help insure that their valuation for
property taxation does not result in taxes so high that rent levels
must be raised to cover this project expense, which can cause excess
vacancies, project loan defaults, and eventual loss of rental housing
facilities for those most in need of them, low-income families and the
elderly. It is the intent of this State that the valuation required by
this Division is the closest representation of cash value required by law
and is the method established as proper and fair.
(Source: P.A. 92-16, eff. 6-28-01; 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
|