103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3056

 

Introduced 2/17/2023, by Rep. Lilian Jiménez

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/15-178.1 new

    Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately.


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A BILL FOR

 

HB3056LRB103 28882 HLH 55268 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 15-178.1 as follows:
 
6    (35 ILCS 200/15-178.1 new)
7    Sec. 15-178.1. Reduction in assessed value for affordable
8rental housing.
9    (a) For taxable year 2024 and thereafter, the assessed
10value of qualified affordable housing property shall be
11reduced by 30%.
12    (b) In order to receive the reduced valuation under this
13Section, the owner must submit an annual application to the
14chief county assessment officer for review in the form and by
15the date required by the chief county assessment officer.
16    (c) As used in this Section:
17    "Maximum income limit" means the maximum regular income
18limits for 60% of the area median income for the geographic
19area in which the property is located as determined for
20multifamily programs by the United States Department of
21Housing and Urban Development and published annually by the
22Illinois Housing Development Authority.
23    "Maximum rent" means the maximum regular rent for 60% of

 

 

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1the area median income for the geographic area in which the
2multifamily building is located as determined by the United
3States Department of Housing and Urban Development for
4multifamily programs and published annually by the Illinois
5Housing Development Authority.
6    "Qualified affordable housing property" means property
7containing a multi-unit residential dwelling with no fewer
8than 2 and no more than 6 residential dwelling units where the
9rent for each unit is at or below the maximum rent and each
10unit is occupied by a household with a household income that is
11at or below the maximum income limit or is available for
12occupancy by a household with a household income that is at or
13below the maximum income limit.
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.