Rep. Theresa Mah
Filed: 3/22/2021
 
 

 

 

 
10200HB3181ham002LRB102 11488 HLH 24115 a



1
AMENDMENT TO HOUSE BILL 3181




2    AMENDMENT NO. ______. Amend House Bill 3181 by replacing 
3everything after the enacting clause with the following:

 
 
4    "Section 5. The Property Tax Code is amended  by changing 
5Section 10-260 as follows:
 



6    (35 ILCS 200/10-260)



7    Sec. 10-260. Low-income housing. In determining the fair

8cash value of property receiving benefits from the Low-Income 
9Housing Tax
Credit authorized by Section 42 of the Internal 
10Revenue Code, 26 U.S.C. 42,
emphasis shall be given to the 
11income approach, except in those circumstances
where another 
12method is clearly more appropriate.

13    In counties with more than 3,000,000 inhabitants, during a 
14general reassessment year in accordance with Section 9-220 or 
15at such other time that a property is reassessed, to determine 
16the fair cash value of any low-income housing                        project that 
 
 
10200HB3181ham002- 2 -LRB102 11488 HLH 24115 a

1qualifies for the Low-Income Housing Tax Credit                        under Section 
242 of the Internal Revenue Code: (i) in assessing any building 
3with 7 or more units, the assessment officer must consider the 
4actual or projected net operating income attributable to the 
5property, capitalized at rates for similarly encumbered 
6Section 42 properties; and (ii) in assessing any building with 
76 units or less, the assessment officer, prior to finalizing 
8and certifying assessments to the Board of Review, shall 
9reassess the building considering the actual or projected net 
10operating income attributable to the property, capitalized at 
11rates for similarly encumbered Section 42 properties. The 
12capitalization rate for items (i) and (ii) shall be one that 
13reflects the prevailing cost of capital for other types of 
14similarly encumbered Section 42 properties in the geographic 
15market in which the low-income housing project is located. 
16    All low-income housing projects that seek to be assessed 
17in accordance with the provisions of this Section shall 
18certify to the appropriate local assessment officer that the 
19owner or owners qualify for the Low-Income Housing Tax Credit 
20under Section 42 of the Internal Revenue Code for the 
21property, in a form prescribed by that assessment officer. 
22(Source: P.A. 91-502, eff. 8-13-99; 92-16, eff. 6-28-01.)".