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Illinois Compiled Statutes
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REVENUE (35 ILCS 200/) Property Tax Code. 35 ILCS 200/Art. 10 Div. 8
(35 ILCS 200/Art. 10 Div. 8 heading)
Division 8.
Sports stadiums
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35 ILCS 200/10-205
(35 ILCS 200/10-205)
Sec. 10-205.
Sports stadium property.
For purposes of the property tax laws
of this State, qualified property in municipalities with more than 2,000,000
inhabitants shall be classified and valued as set forth in Sections 10-210
through 10-220 during the period beginning July 1, 1989, and ending with the
year 22 years after the base year.
(Source: P.A. 86-110; 88-455.)
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35 ILCS 200/10-210
(35 ILCS 200/10-210)
Sec. 10-210.
Definitions.
For purposes of Sections 10-205, 10-215, and
10-220:
(a) "Base year" means the first tax year after the tax year in
which construction of the new stadium is completed.
(b) "Tax year" means the calendar year for which assessed value
is determined as of January 1 of that year.
(c) "Base period" means the calendar year immediately preceding
the tax year.
(d) "Interest" for the base period means the annual interest that would
accrue on a principal amount equal to 100% of all costs (including
construction period interest actually incurred) incurred with respect to
the acquisition, construction or improvement of property described in
subsection (a) of Section 10-215 through the end of the base period, if the
interest rate were equal to the average, compounded quarterly, of the
corporate base rate reported as in effect on the first business day of each
month of the base period by the largest bank (measured by assets) with its
head office located in Chicago, Illinois.
(e) "Income taxes" for the base period shall mean federal and State
income taxes computed by multiplying the taxable income from the property
by the lower of (1) the highest tax rates applicable to individuals or (2)
the highest tax rates applicable to corporations.
(Source: P.A. 86-110; 88-455 .)
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35 ILCS 200/10-215
(35 ILCS 200/10-215)
Sec. 10-215.
Qualified property.
Qualified property means:
(a) a new stadium having a seating capacity in excess of 18,000 and less
than 28,000 which is constructed primarily for the purpose of holding
professional sports and amusement events and construction of which is
commenced after July 1, 1989, or any parking lot or parking garage for
participants, spectators or staff which is acquired, constructed or
improved at any time primarily for use in connection with the stadium, or any
property on which the stadium, lot or garage is located;
(b) property that would qualify as property described in subsection (a) of
this Section, except that construction of the new stadium is not completed by
the first day of the tax year; or
(c) any parking lot or parking garage that is located within 3,000 feet of
property described in subsection (a) of this Section, that is used primarily in
connection with any existing stadium or with property described in subsection
(a) of this Section, and that was employed for those uses prior to July 1,
1989, or any property on which the lot or garage is located.
(Source: P.A. 86-110; 88-455 .)
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35 ILCS 200/10-220
(35 ILCS 200/10-220)
Sec. 10-220.
Valuation.
(a) For the base year and subsequent tax years, property described in
subsection (a) of Section 10-215 shall be classified so that it is valued in
relation to 20% of the property's fair cash value. The fair cash value of the
property shall be equal to 4 times the annual net income (revenues net of all
expenses, including interest, income taxes, and all property maintenance or
replacement expenditures whether or not capital in nature, but not including
depreciation) actually earned by its owners from the property during the base
period.
(b) For any tax year prior to the base year, property described in
subsections (b) and (c) of Section 10-215 shall be classified and valued so
that the fair cash value of the property does not exceed the fair cash
value of the property for the 1989 tax year, as adjusted by the percentage
increase in valuation of all property in the municipality between 1989 and
the tax year.
(c) The fair cash value of property described in Section 10-215 shall be
determined as specified in this Section and without taking into account (1)
the planned or actual construction and improvement of property described in
subsection (a) of Section 10-215, or (2) any acquisition, replacement or
resale values or alternative uses assumed or imputed in contemplation or in
consequence of such planned or actual construction and improvement.
(d) Notwithstanding any other provision of this Section, including
subsection (c), the aggregate of all property taxes payable on the
property described in Section 10-215 shall not be less than:
(1) for any tax year prior to the base year, the | | aggregate property taxes payable on such property for the 1988 tax year;
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(2) for the base year, $600,000;
(3) for the first tax year following the base year,
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(4) for the second tax year following the base year,
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(5) for the third tax year following the base year
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(Source: P.A. 86-110; 88-455.)
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35 ILCS 200/10-223
(35 ILCS 200/10-223)
Sec. 10-223.
Former farm; open space.
Beginning with the 1992 assessment
year, the equalized assessed value of any tract of real property that has not
been used as a farm for 20 or more consecutive years shall not be determined
under Sections 10-110 through 10-140. If no other use is established, the tract
shall be considered to be used for open space purposes and its valuation shall
be determined under Sections 10-155 through 10-165.
(Source: P.A. 87-1270; incorporates 88-45; 88-670, eff. 12-2-94.)
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