92nd General Assembly
Summary of HB5635
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House Sponsors:

Short description: 
PROPERTY TAX-TECH                                                          

Synopsis of Bill as introduced:
        Amends the Property  Tax  Code.  Creates  a  housing  opportunity      
   exemption. Contains a caption only.                                         
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          35 ILCS 200/15-163 new                                               
          Adds reference to:                                                   
          35 ILCS 200/15-5                                                     
          35 ILCS 200/15-181 new                                               
          30 ILCS 805/8.26 new                                                 
        Deletes everything after the enacting clause. Amends the Property      
   Tax Code. Creates the Housing  Choice  Exemption.  Provides  that  the      
   owner  of  a  qualified  rental  unit  located  in a qualified area is      
   entitled to an annual Housing Choice Exemption limited to a  reduction      
   in  the equalized assessed value of the residential rental property of      
   $10,000 per qualified unit (up to 2 per property); however, the  total      
   amount of the exemption shall not exceed 20% of the equalized assessed      
   value  of  the property. Provides that the exemption is  available for      
   residential rental units rented to persons holding Section 8  vouchers      
   issued  by  a  housing  authority,  if the rental unit is located in a      
   designated  low-poverty  area.  Allows  municipalities,   except   for      
   municipalities  with 1,000,000 or more inhabitants, to be disqualified      
   from  the  exemption  provisions  if  the  rental  patterns   in   the      
   municipality  meet certain requirements. Amends the State Mandates Act      
   to require implementation without reimbursement from the State.             
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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