Rep. Richard P. Myers
Filed: 3/31/2004
 
 

 




 

 		












09300HB6057ham001

LRB093 17506 MKM 49189 a






1

AMENDMENT TO HOUSE BILL 6057 




2
    AMENDMENT NO. ______. Amend House Bill 6057  by replacing 
3
everything after the enacting clause with the following:

 
4
    "Section 1. Short title.  This Act may be cited as the 
5
Downtown Real Estate Improvement Assessment Phase-In Act.


 
6
    Section 5. Definitions.  As used in this Act:

7
    "Downtown" means an area of a municipality that is now or 
8
once was a central business district of the municipality.


 
9
    Section 10. Application.     Any owner of property within a 
10
downtown area may submit to the local assessment officer an 
11
application for the phase-in of equalized assessed value on 
12
that property. The application shall include a detailed 
13
description of the overall costs of any renovation or 
14
rehabilitation project. The application shall also include a 
15
certificate of qualification from the municipality in which the 
16
property resides.

 
17
    Section 905. The Property Tax Code is amended by adding 
18
Section 15-97 as
follows:

 
19
    (35 ILCS 200/15-97 new)

20
    Sec. 15-97. Downtown development district equalized 
21
assessed value phase-in program.



 


 






09300HB6057ham001
- 2 -
LRB093 17506 MKM 49189 a




1
    (a)  For purposes of this Section, "downtown development 
2
district"
means any downtown area in the State  that (i) is 
3
designated an Illinois Main Street community by the Illinois 
4
Main Street Program, (ii) is within a municipality that has 
5
adopted a Tax Increment Finance District in the downtown as 
6
part of its overall redevelopment plan, or (iii) is within a 
7
municipality that has adopted a downtown plan specifying 
8
certain aspects of redevelopment that actually take place.

9
    (b) Any municipality that qualifies under the definition in 
10
subsection (a) may accept applications for the property value 
11
phase-in program.
12
    (c) The municipality may upon a majority vote of its 
13
corporate authorities, adopt an ordinance or resolution 
14
approving the application for property value phase-in and 
15
authorizing a certificate of approval.


16
    (d) The ordinance or resolution provided with the 
17
certificate of approval shall be presented to the local 
18
assessment officer's office within 10 working days of approval. 
19
The certificate shall show the original assessed value, the 
20
value of improvements made to the property, and their totals.

21
    (e) The local assessment officer shall then make a 
22
determination of the property's new value and proceed to apply 
23
the increase in value in increments equal to the following 
24
schedule:






























25YEARPERCENTAGE OF VALUE


26ASSIGNED


27110%


28220%


29330%


30440%


31550%


32660%


337100%
34
    (f) If the property approved for phase-in ceases to be part 
 


 






09300HB6057ham001
- 3 -
LRB093 17506 MKM 49189 a




1
of the downtown development district, that property is no 
2
longer eligible for the phase-in program. If the phase-in is no 
3
longer eligible, the municipality shall notify the local 
4
assessment officer and the property shall be fully assessed.

5
    (g) If the property is receiving tax increment finance 
6
revenue through a redevelopment agreement or through some other 
7
type of agreement or ordinance where the property's value is 
8
directly dependent upon the increased value of the property the 
9
property is ineligible.



 
10
    Section 999. Effective date. This Act takes effect upon 
11
becoming law.".