[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] | [ Enrolled ] | [ Senate Amendment 001 ] |
| [ Senate Amendment 002 ] |
91_SB0038
LRB9100943PTpk
1 AN ACT to amend the Property Tax Code by changing Section
2 10-25.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 10-25 as follows:
7 (35 ILCS 200/10-25)
8 Sec. 10-25. Model homes, townhomes, and condominium
9 units. If the construction of a single family dwelling is
10 completed after December 29, 1986 or the construction of a
11 single family townhome or condominium unit is completed after
12 the effective date of this amendatory Act of 1994, and that
13 dwelling, townhome, or condominium unit is not occupied as a
14 dwelling but is used as a display or demonstration model
15 home, townhome or condominium unit for prospective buyers of
16 the dwelling or of similar homes, townhomes, or condominium
17 units to be built on other property, the assessed value of
18 the property on which the dwelling, townhome, or condominium
19 was constructed shall be the same as the assessed value of
20 the property prior to construction and prior to any change in
21 the zoning classification of the property prior to
22 construction of the dwelling, townhome or condominium unit.
23 The application of this Section shall not be affected if the
24 display or demonstration model home, townhome or condominium
25 unit contains home furnishings, appliances, offices, and
26 office equipment to further sales activities. This Section
27 shall not be applicable if the dwelling, townhome, or
28 condominium unit is occupied as a dwelling or the property on
29 which the dwelling, townhome, or condominium unit is situated
30 is sold or leased for use other than as a display or
31 demonstration model home, townhome, or condominium unit. No
-2- LRB9100943PTpk
1 property shall be eligible for calculation of its assessed
2 value under this Section for more than a 10-year period. If
3 the dwelling, townhome, or condominium unit becomes
4 ineligible for the alternate valuation, the owner shall
5 within 60 days file with the chief county assessment officer
6 a certificate giving notice of such ineligibility.
7 For the purposes of this Section, no corporation,
8 individual, sole proprietor or partnership may have more than
9 a total of 3 model homes, townhomes, or condominium units at
10 the same time within a 3 mile radius. The center point of
11 each radius shall be the display or demonstration model that
12 has been used as such for the longest period of time. The
13 person liable for taxes on property eligible for assessment
14 as provided in this Section shall file a verified application
15 with the chief county assessment officer on or before (i)
16 December 31 of each assessment year for which that assessment
17 is desired or (ii) a date set by ordinance or resolution of
18 the county board that is no later than December January 31 of
19 each assessment year for which that assessment is desired.
20 The chief county assessment officer shall recommend to the
21 county board a filing date for the verified application.
22 Failure to make a timely filing in any assessment year
23 constitutes a waiver of the right to benefit for that
24 assessment year.
25 (Source: P.A. 88-389; 88-455; 88-660, eff. 9-16-94; 88-670,
26 eff. 12-2-94.)
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.