State of Illinois
91st General Assembly

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[ Introduced ][ Engrossed ][ Senate Amendment 001 ]
[ Senate Amendment 002 ]


SB38 Enrolled                                  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
SB38 Enrolled               -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    April 30 of each assessment year for which that assessment is
17    desired  in  counties  with a population of 3,000,000 or more
18    and (ii) December January 31  of  each  assessment  year  for
19    which  that  assessment  is  desired  in  all other counties.
20    Failure to make  a  timely  filing  in  any  assessment  year
21    constitutes  a  waiver  of  the  right  to  benefit  for that
22    assessment year.
23    (Source: P.A. 88-389; 88-455; 88-660, eff.  9-16-94;  88-670,
24    eff. 12-2-94.)

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