|
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3841 Introduced , by Rep. Delia C. Ramirez SYNOPSIS AS INTRODUCED:
|
| |
Amends the Property Tax Code. Provides that a Section concerning low-income housing project valuation also applies to residential property that is rented to a formerly incarcerated person. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
|
| | HB3841 | | LRB101 12413 HLH 60491 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 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 10-235 as follows:
|
| 6 | | (35 ILCS 200/10-235)
|
| 7 | | Sec. 10-235. Low-income housing project valuation policy;
|
| 8 | | intent. It is the policy of this State that (i) low-income |
| 9 | | housing projects
developed under Section 515 of the federal |
| 10 | | Housing Act, (ii) property that qualifies or that qualify for |
| 11 | | the low-income housing tax credit under Section 42 of the
|
| 12 | | Internal Revenue Code, and (iii) residential property that is |
| 13 | | rented to a formerly incarcerated person shall be valued at 33 |
| 14 | | and
one-third percent of the fair market value of their |
| 15 | | economic productivity
to the owners of the projects to help |
| 16 | | insure that their valuation for
property taxation does not |
| 17 | | result in taxes so high that rent levels
must be raised to |
| 18 | | cover this project expense, which can cause excess
vacancies, |
| 19 | | project loan defaults, and eventual loss of rental housing
|
| 20 | | facilities for those most in need of them, low-income families |
| 21 | | and the
elderly. It is the intent of this State that the |
| 22 | | valuation required by
this Division is the closest |
| 23 | | representation of cash value required by law
and is the method |