[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] | [ Enrolled ] | [ House Amendment 001 ] |
92_HB3775
LRB9212638SMdv
1 AN ACT concerning taxes.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5 Section 18-177 as follows:
6 (35 ILCS 200/18-177)
7 Sec. 18-177. Leased low-rent housing abatement. In
8 counties of 3,000,000 or more inhabitants, the county clerk
9 shall abate property taxes levied by any taxing district
10 under this Code on property located situated in a
11 municipality with 1,000,000 or more inhabitants and improved
12 with either a multifamily dwelling or a multi-building
13 development consisting of 6 units or more that is leased for
14 a period of not less than 20 years to a housing authority
15 created under the Housing Authorities Act; but only if the
16 property and improvements, or the property and improvements
17 for which the abatement is sought, are used solely for
18 low-rent housing and related uses by the housing authority as
19 prescribed in a written lease agreement. Property and
20 portions of property used or intended to be used for
21 commercial purposes are not eligible for the abatement
22 provided in this Section. The housing authority shall file
23 annually with the county clerk for any property eligible for
24 an abatement under this Section, on a form prescribed by the
25 county clerk, a certificate of the property's use during the
26 immediately preceding year. The certificate shall certify
27 that the property or a portion of the property meets the
28 requirements of this Section and that the eligible
29 residential units have been inspected within the previous 60
30 days and meet or exceed all housing quality standards of the
31 authority. If only a portion of the property meets these
-2- LRB9212638SMdv
1 requirements, the certificate shall state the amount of that
2 portion as a percentage of the total equalized and assessed
3 value of the property. If the property is improved with an
4 eligible multifamily dwelling or multi-building development
5 containing residential units that are individually assessed,
6 no more than one-third of those residential units may be
7 certified. If the property is improved with an eligible
8 multifamily dwelling or multi-building development containing
9 residential units that are not individually assessed, the
10 portion of the property certified shall represent no more
11 than one-third of those residential units. The county clerk
12 shall abate the taxes only if a certificate of use has been
13 timely filed for that year. If only a portion of the
14 property has been certified as eligible, the county clerk
15 shall abate the taxes in the percentage so certified.
16 Whenever a housing authority is the lessee of property that
17 is eligible for an abatement under this Section, the lease
18 shall reflect a reduction in payments due under the lease
19 from the housing authority in the full amount of the
20 abatement. No property shall be eligible for abatement under
21 this Section if the owner of the property has any outstanding
22 and overdue debts to the municipality in which the property
23 is situated.
24 (Source: P.A. 90-767, eff. 1-1-99.)