Revenue Committee
Filed: 4/18/2006
 
 

 




 

 		












09400SB2185ham001

LRB094 17030 BDD 58444 a






1

AMENDMENT TO SENATE BILL 2185




2
    AMENDMENT NO. ______. Amend Senate Bill 2185 by replacing 
3
everything after the enacting clause with the following:

 
4
    "Section 5. The Property Tax Code is amended  by changing 
5
Section 10-245 and by  adding Division 15 to Article 10 as 
6
follows:
 



7
    (35 ILCS 200/10-245)



8
    Sec. 10-245. Method of valuation of low-income housing 
9
projects. Notwithstanding Section 1-55 and except in counties 
10
with a population of more
than 200,000 that classify property 
11
for the purposes of taxation, to determine
33 and one-third 
12
percent of the fair cash value of any low-income housing

13
project developed under the Section 515 program or that 
14
qualifies for the low-income housing tax credit under Section 
15
42
of the Internal Revenue Code, in assessing the project, 
16
local assessment
officers must consider the actual or probable 
17
net operating income attributable
to the property
project, 
18
using a vacancy rate of not more than 5%, capitalized at normal

19
market rates. The interest rate to be used in developing the 
20
normal market
value capitalization rate shall be one that 
21
reflects the prevailing cost of
cash for other types of 
22
commercial real estate in the geographic market in
which the 
23
low-income housing project is located.

24
(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)

 
 


 






09400SB2185ham001
- 2 -
LRB094 17030 BDD 58444 a




1
    (35 ILCS 200/Art. 10 Div. 15 heading new)
2

DIVISION 15.  SUPPORTIVE LIVING FACILITIES

 
3
    (35 ILCS 200/10-390 new)

4
    Sec. 10-390. Valuation of supportive living facilities.
5
    (a) Notwithstanding Section 1-55, to determine
the fair 
6
cash value of any supportive living facility  established under 
7
Section 5-5.01a of the Illinois Public Aid Code, in assessing 
8
the facility, a local assessment
officer must use the income 
9
capitalization approach when assessing the value of supportive 
10
living facilities.
11
    (b) When assessing supportive living facilities, the local 
12
assessment
officer may not consider the following payments to 
13
be income attributable
to the property:
14
        (1)            payments from Medicaid for services provided to 
15
    residents of supportive living facilities when such 
16
    payments constitute income that is attributable to 
17
    services and not attributable to the real estate; or
18
        (2)        payments by a resident of a supportive living 
19
    facility for services that would be paid by Medicaid if the 
20
    resident were Medicaid-eligible, when such payments 
21
    constitute income that is attributable to services and not 
22
    attributable to real estate.".