Public Act 094-0296
 
HB3763 Enrolled LRB094 09099 BDD 39328 b

    AN ACT concerning revenue.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Property Tax Code is amended by changing
Section 18-177 as follows:
 
    (35 ILCS 200/18-177)
    Sec. 18-177. Leased low-rent housing abatement.
    (a) In counties of 3,000,000 or more inhabitants, the
county clerk shall abate property taxes levied by any taxing
district under this Code on property that meets the following
requirements:
        (1) The property does not qualify as exempt property
    under Section 15-95 of this Code.
        (2) The property is situated in a municipality with
    1,000,000 or more inhabitants and improved with either a
    multifamily dwelling or a multi-building development that
    is subject to a leasing agreement, regulatory and operating
    agreement, or other similar instrument with a Housing
    Authority created under the Housing Authorities Act that
    sets forth the terms for leasing low-rent housing.
        (3) For a period of not less than 20 years, the
    property and improvements are used solely for low-rent
    housing and related uses.
Property and portions of property used or intended to be used
for commercial purposes are not eligible for the abatement
provided in this Section.
    A housing authority created under the Housing Authorities
Act shall file annually with the county clerk for any property
eligible for an abatement under this Section, on a form
prescribed by the county clerk, a certificate of the property's
use during the immediately preceding year. The certificate
shall certify that the property or a portion of the property
meets the requirements of this Section and that the eligible
residential units have been inspected within the previous 90
days and meet or exceed all housing quality standards of the
authority. If only a portion of the property meets these
requirements, the certificate shall state the amount of that
portion as a percentage of the total equalized and assessed
value of the property. If the property is improved with an
eligible multifamily dwelling or multi-building development
containing residential units that are individually assessed,
then, except as provided in subsection (b), no more than 40% of
those residential units may be certified. If the property is
improved with an eligible multifamily dwelling or
multi-building development containing residential units that
are not individually assessed, then, except as provided in
subsection (b), the portion of the property certified shall
represent no more than 40% of those residential units.
    The county clerk shall abate the taxes only if a
certificate of use has been timely filed for that year. If only
a portion of the property has been certified as eligible, the
county clerk shall abate the taxes in the percentage so
certified.
    Whenever property receives an abatement under this
Section, the rental rate set under the lease, regulatory and
operating agreement, or other similar instrument for that
property shall not include property taxes.
    No property shall be eligible for abatement under this
Section if the owner of the property has any outstanding and
overdue debts to the municipality in which the property is
situated.
    (b) The percentage limitation on the certification of
residential units set forth in subsection (a) shall be deemed
to be satisfied in the case of developments described in
resolutions adopted by the Board of Commissioners of the
Chicago Housing Authority on September 19, 2000, December 17,
2002, or September 16, 2003, as amended, approving the
disposition of certain land and buildings on which all or a
portion of the developments are or will be situated, if no more
than 50% of the units in the development are so certified.
(Source: P.A. 92-621, eff. 7-11-02; revised 11-6-02.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.