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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

REVENUE
(35 ILCS 200/) Property Tax Code.

35 ILCS 200/Art. 10 Div. 19

 
    (35 ILCS 200/Art. 10 Div. 19 heading)
Division 19. Qualified commercial and industrial property
(Source: P.A. 98-702, eff. 7-7-14.)

35 ILCS 200/10-700

    (35 ILCS 200/10-700)
    Sec. 10-700. Qualified commercial and industrial property; tornado disaster. Notwithstanding any other provision of law, each qualified parcel of commercial or industrial property owned and used by a small business shall be valued at the lesser of (i) its modified equalized assessed value or (ii) 33 1/3% of its fair cash value or, in the case of property located in a county that classifies property for purposes of taxation in accordance with Section 4 of Article IX of the Constitution, the percentage of fair cash value as required by county ordinance. The method of valuation under this Section shall continue until there is a change in use or ownership of the property or until the fifteenth taxable year after the tornado disaster occurs, whichever occurs first. In order to qualify for valuation under this Section, the structure must be rebuilt within 2 years after the date of the tornado disaster, and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the tornado disaster.
    "Base year" means the taxable year prior to the taxable year in which the tornado disaster occurred.
    "Modified equalized assessed value" means:
        (1) in the first taxable year after the tornado
    
disaster occurs, the equalized assessed value of the property for the base year; and
        (2) in the second taxable year after the tornado
    
disaster occurs and thereafter, the modified equalized assessed value of the property for the previous taxable year, increased by 4%.
    "Tornado disaster" means an occurrence of widespread or severe damage or loss of property resulting from a tornado or combination of tornadoes that has been proclaimed as a natural disaster by the Governor or the President of the United States.
    "Qualified parcel of property" means property that (i) is owned and used exclusively for commercial or industrial purposes by a small business and (ii) has been rebuilt following a tornado disaster occurring in taxable year 2013 or any taxable year thereafter.
    "Small business" means a business that employs fewer than 50 full-time employees.
(Source: P.A. 98-702, eff. 7-7-14.)

35 ILCS 200/10-705

    (35 ILCS 200/10-705)
    Sec. 10-705. Keystone property.
    (a) For the purposes of this Section:
        "Base year" means the last tax year prior to the date
    
of the application during which the property was occupied and assessed and taxes were collected.
        "Tax year" means the calendar year for which assessed
    
value is determined as of January 1 of that year.
        "Keystone property" means property that has had a
    
distinguished past and is a prominent property in the Village of Park Forest, a home rule municipality in both Cook and Will Counties, but is not of historical significance or landmark status and meets the following criteria:
            (1) the property contains an existing industrial
        
structure consisting of more than 100,000 square feet;
            (2) the property is located on a lot, parcel, or
        
tract of land that is more than 5 acres in area;
            (3) the industrial structure was originally built
        
more than 30 years prior to the date of the application;
            (4) the property has been vacant for a period of
        
more than 5 consecutive years immediately prior to the date of the application; and
            (5) the property is not located in a tax
        
increment financing district as of the date of the application.
    (b) Within one year from the effective date of this amendatory Act of the 100th General Assembly, owners of real property may apply with the municipality in which the property is located to have the property designated as keystone property. If the property meets the criteria for keystone property set forth in subsection (a), then the corporate authorities of the municipality have one year from the effective date of this amendatory Act of the 100th General Assembly within which they may certify the property as keystone property for the purposes of promoting rehabilitation of vacant property and fostering job creation in the fields of manufacturing and research and development. The certification shall be transmitted to the chief county assessment officer as soon as possible after the property is certified.
    (c) Beginning with the first tax year after the property is certified as keystone property and continuing through the twelfth tax year after the property is certified as keystone property, for the purpose of taxation under this Code, the property shall be valued at 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, and other permanent fixtures located on the property. For the first 3 tax years after the property is certified as keystone property, the aggregate tax liability for the property shall be no greater than $75,000. That aggregate tax liability, once collected, shall be distributed to the taxing districts in which the property is located according to each taxing district's proportionate share of that aggregate liability. Beginning with the fourth tax year after the property is certified as keystone property and continuing through the twelfth tax year after the property is certified as keystone property, the property's tax liability for each taxing district in which the property is located shall be increased over the tax liability for the preceding year by the percentage increase, if any, in the total equalized assessed value of all property in the taxing district.
    No later than March 1 of each year before taxes are extended for the prior tax year, the Village of Park Forest shall certify to the county clerk of the county in which the property is located a percentage reduction to be applied to property taxes to limit the aggregate tax liability on keystone property in accordance with this Section.
(Source: P.A. 100-510, eff. 9-15-17.)