HB3021 102ND GENERAL ASSEMBLY

LRB102 10983 HLH 16315 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3021

Introduced 2/19/2021, by Rep. Steven Reick

SYNOPSIS AS INTRODUCED:

35 ILCS 200/10-710 new

Amends the Property Tax Code. Creates an alternate valuation for certain property in the City of Harvard that meets the criteria to be certified as revitalized property for advanced technology.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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 adding Section 10-710 as follows:

(35 ILCS 200/10-710 new)

Sec. 10-710. Revitalized property for advanced technology.

(a) For the purposes of this Section:

"Base year" means the last tax year prior to the date of the application during which the property was occupied and assessed and taxes were collected.

"Tax year" means the calendar year for which assessed value is determined as of January 1 of that year.

"Revitalized property for advanced technology" means property that has had a distinguished past and is a prominent property in the City of Harvard, a non-home rule municipality in McHenry County, but is not of historical significance or landmark status and meets the following criteria:

(1) the property contains an existing commercial campus consisting of more than 1,500,000 square feet;

(2) the property is located on a lot, parcel, or tract of land that is more than 320 acres in area;

(3) the commercial campus was originally built more than 20 years prior to the date of the application; and

(4) the property has been vacant for a period of more than 15 consecutive years immediately prior to the date of the application.

(b) Within one year after the effective date of this amendatory Act of the 102nd General Assembly, owners of real property may apply with the municipality in which the property is located to have the property designated as a revitalized property for advanced technology.

If the property meets the criteria for revitalized property for advanced technology set forth in subsection (a), then the corporate authorities of the municipality have one year from the effective date of this amendatory Act of the 102nd General Assembly within which they may certify the property as revitalized property for advanced technology for the purposes of promoting rehabilitation of vacant property and fostering job creation in the fields of manufacturing and advanced technology research and development. The certification shall be transmitted to the chief county assessment officer as soon as possible after the property is certified.

Beginning with the first tax year after the property is certified as a revitalized property for advanced technology and continuing through the twelfth tax year after the property is certified as revitalized property for advanced technology, for the purpose of taxation under this Code, the property shall be valued at 33 1/3% of the fair cash value of the land, without regard to buildings, structures, improvements, and other permanent fixtures located on the property.

For the first 3 tax years after the property is certified as revitalized property for advanced technology, the aggregate tax liability for the property shall be no greater than $150,000. That aggregate tax liability, once collected, shall be distributed to the taxing districts in which the property is located according to each taxing district's proportionate share of that aggregate liability.

Beginning with the fourth tax year after the property is certified as revitalized property for advanced technology and continuing through the twelfth tax year after the property is certified as revitalized property for advanced technology, the property's tax liability for each taxing district in which the property is located shall be increased over the tax liability for the preceding year by the percentage increase, if any, in the total equalized assessed value of all property in the taxing district.

No later than March 1 of each year before taxes are extended for the prior tax year, the City of Harvard shall certify to the county clerk of the county in which the property is located a percentage reduction to be applied to property taxes to limit the aggregate tax liability on revitalized property for advanced technology in accordance with this Section.