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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 SB3059
Introduced 1/20/2006, by Sen. Don Harmon SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Makes a technical change in a Section concerning abatements for leased, low-rent housing.
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A BILL FOR
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SB3059 |
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LRB094 19144 BDD 54674 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Section 18-177 as follows:
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| (35 ILCS 200/18-177)
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| Sec. 18-177. Leased low-rent housing abatement. |
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| (a) In counties of 3,000,000
or more inhabitants, the
the |
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| county clerk shall abate property taxes levied by
any taxing |
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| district under this Code on property that meets the following
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| requirements:
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| (1) The property does not qualify as exempt property |
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| under Section
15-95 of this Code.
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| (2) The property is situated in a municipality with |
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| 1,000,000 or more
inhabitants and improved with either a |
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| multifamily dwelling or a multi-building
development that |
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| is subject to a leasing agreement, regulatory and operating
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| agreement, or other similar instrument with a Housing |
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| Authority created under
the Housing Authorities Act that |
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| sets forth the terms for leasing low-rent
housing.
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| (3) For a period of not less than 20 years, the |
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| property and
improvements are used solely for low-rent |
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| housing and related uses.
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| Property and portions of property used or intended to be used |
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| for
commercial purposes are not eligible for the abatement |
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| provided in this
Section.
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| A housing authority created under the Housing Authorities |
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| Act shall
file annually with the county clerk for any property |
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| eligible for an abatement
under this Section, on a form |
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| prescribed by the county clerk, a certificate of
the property's |
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| use during the immediately preceding year. The certificate
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| shall certify that the property or a portion of the property |
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SB3059 |
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LRB094 19144 BDD 54674 b |
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| meets the
requirements of this Section and that the eligible |
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| residential units have been
inspected within the previous 90 |
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| days and meet or exceed all housing quality
standards of the |
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| authority. If only a portion of the property meets these
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| requirements, the certificate shall state the amount of that |
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| portion as a
percentage of the total equalized and assessed |
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| value of the property. If the
property is improved with an |
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| eligible multifamily dwelling or multi-building
development |
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| containing residential units that are individually assessed, |
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| then, except as provided in subsection (b), no
more than 40% of |
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| those residential units may be certified. If the property is
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| improved with an eligible multifamily dwelling or |
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| multi-building development
containing residential units that |
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| are not individually assessed, then, except as provided in |
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| subsection (b), the portion
of the property certified shall |
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| represent no more than 40% of those residential
units.
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| The county clerk shall abate the taxes only if a |
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| certificate of use has
been timely filed for that year. If only |
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| a portion of the property has been
certified as eligible, the |
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| county clerk shall abate the taxes in the percentage
so |
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| certified.
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| Whenever property receives an abatement under this |
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| Section, the rental rate
set under the lease, regulatory and |
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| operating agreement, or other similar
instrument for that |
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| property shall not include property taxes.
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| No property shall be eligible for abatement under this |
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| Section if the owner
of the property has any outstanding and |
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| overdue debts to the municipality in
which the property is |
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| situated.
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| (b) The percentage limitation on the certification of |
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| residential units set forth in subsection (a) shall be deemed |
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| to be satisfied in the case of developments described in |
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| resolutions adopted by the Board of Commissioners of the |
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| Chicago Housing Authority on September 19, 2000, December 17, |
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| 2002, or September 16, 2003, as amended, approving the |
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| disposition of certain land and buildings on which all or a |