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SB2185 Enrolled |
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LRB094 17030 BDD 52312 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Sections 10-245 and 15-143 and by adding Division 15 to Article |
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| 10 as follows:
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| (35 ILCS 200/10-245)
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| Sec. 10-245. Method of valuation of low-income housing |
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| projects. Notwithstanding Section 1-55 and except in counties |
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| with a population of more
than 200,000 that classify property |
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| for the purposes of taxation, to determine
33 and one-third |
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| percent of the fair cash value of any low-income housing
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| project developed under the Section 515 program or that |
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| qualifies for the low-income housing tax credit under Section |
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of the Internal Revenue Code, in assessing the project, |
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| local assessment
officers must consider the actual or probable |
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| net operating income attributable
to the property
project, |
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| using a vacancy rate of not more than 5%, capitalized at normal
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| market rates. The interest rate to be used in developing the |
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| normal market
value capitalization rate shall be one that |
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| reflects the prevailing cost of
cash for other types of |
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| commercial real estate in the geographic market in
which the |
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| low-income housing project is located.
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| (Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
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| (35 ILCS 200/Art. 10 Div. 15 heading new) |
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| DIVISION 15. SUPPORTIVE LIVING FACILITIES
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| (35 ILCS 200/10-390 new)
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| Sec. 10-390. Valuation of supportive living facilities. |
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| (a) Notwithstanding Section 1-55, to determine
the fair |
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| cash value of any supportive living facility established under |
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SB2185 Enrolled |
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LRB094 17030 BDD 52312 b |
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| Section 5-5.01a of the Illinois Public Aid Code, in assessing |
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| the facility, a local assessment
officer must use the income |
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| capitalization approach. |
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| (b) When assessing supportive living facilities, the local |
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| assessment
officer may not consider: |
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| (1) payments from Medicaid for services provided to |
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| residents of supportive living facilities when such |
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| payments constitute income that is attributable to |
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| services and not attributable to the real estate; or |
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| (2) payments by a resident of a supportive living |
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| facility for services that would be paid by Medicaid if the |
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| resident were Medicaid-eligible, when such payments |
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| constitute income that is attributable to services and not |
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| attributable to real estate.
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| (35 ILCS 200/15-143)
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| Sec. 15-143. Metropolitan Water Reclamation Districts in |
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| counties with a
population greater than 3,000,000. |
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| (a) All property that is located in a county with a |
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| population greater than 3,000,000 and that is owned by a |
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| metropolitan
water reclamation district in a county with a |
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| population greater than
3,000,000 is exempt.
Any such property |
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| leased to an entity that is not
exempt shall remain exempt, and |
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| the leasehold interest of the lessee shall be
assessed under |
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| Section 9-195 of this Code. The changes made by this amendatory |
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| Act of the 93rd General Assembly are declaratory of existing |
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| law.
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| (b) Property that is owned by a metropolitan
water |
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| reclamation district in a county with a population greater than
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| 3,000,000 is exempt, and the leasehold interest is exempt, if |
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| the property is: |
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| (1) located in Will County; and |
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| (2) leased to the Will County Forest Preserve District |
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| for a de minimis amount for use for public purposes.
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| (Source: P.A. 93-767, eff. 7-20-04.)
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