Sen. John J. Cullerton
Filed: 2/10/2006
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 2185




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

 
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    "Section 5. The Property Tax Code is amended  by changing 
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Sections 1-130 and 10-245 as follows:
 



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    (35 ILCS 200/1-130)



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    Sec. 1-130. Property; real property; real estate; land; 
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tract; lot. The land
itself, with all things contained therein, 
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and also all buildings, structures
and improvements, and other 
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permanent fixtures thereon, including all oil, gas,
coal and 
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other minerals in the land and the right to remove oil, gas and 
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other
minerals, excluding coal, from the land, and all rights 
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and privileges
belonging or pertaining thereto, except where 
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otherwise specified by this Code.
Included therein is any 
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vehicle or similar portable structure used or so
constructed as 
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to permit its use as a dwelling place, if the structure is

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resting in whole on a permanent foundation.
Not included 
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therein are low-income housing tax credits authorized by

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Section
42 of the Internal Revenue Code, 26 U.S.C. 42 or 
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payments or expenses for services in supportive living 
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facilities established under Section 5-5.01a of the Illinois 
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Public Aid Code.

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(Source: P.A. 91-502, eff. 8-13-99.)

 



 


 






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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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42
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.)".