(35 ILCS 200/10-45)
Sec. 10-45.
Valuation during 8 year valuation period.
In furtherance of the policy of encouraging the rehabilitation of historic
residences, property certified pursuant to this Historic Residence Assessment
Freeze Law shall be eligible for an assessment freeze, as provided in this
Section, eliminating from consideration, for assessment purposes, the value
added by the rehabilitation and limiting the total valuation to the base year
valuation as defined in subsection (i) of Section 10-40. For all property
upon which the Director has issued a certificate of rehabilitation, the
valuation for purposes of assessment shall not exceed the base year valuation
for the entire 8-year valuation period, unless a taxing district elects, under
Section 10-85, that the provisions of this Section shall not apply to taxes
that are levied by that taxing district. In the event that election is made,
the property shall be valued under Section 9-145 or 9-150 for the purpose of
extending taxes of that taxing district. The changes made to this Section by
this amendatory Act of the 91st General Assembly are declarative of existing
law and shall not be construed as a new enactment.
(Source: P.A. 91-806, eff. 1-1-01.)
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