HB3056 103RD GENERAL ASSEMBLY

LRB103 28882 HLH 55268 b

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.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by adding Section 15-178.1 as follows:

(35 ILCS 200/15-178.1 new)

Sec. 15-178.1. Reduction in assessed value for affordable rental housing.

(a) For taxable year 2024 and thereafter, the assessed value of qualified affordable housing property shall be reduced by 30%.

(b) In order to receive the reduced valuation under this Section, the owner must submit an annual application to the chief county assessment officer for review in the form and by the date required by the chief county assessment officer.

(c) As used in this Section:

"Maximum income limit" means the maximum regular income limits for 60% of the area median income for the geographic area in which the property is located as determined for multifamily programs by the United States Department of Housing and Urban Development and published annually by the Illinois Housing Development Authority.

"Maximum rent" means the maximum regular rent for 60% of the area median income for the geographic area in which the multifamily building is located as determined by the United States Department of Housing and Urban Development for multifamily programs and published annually by the Illinois Housing Development Authority.

"Qualified affordable housing property" means property containing a multi-unit residential dwelling with no fewer than 2 and no more than 6 residential dwelling units where the rent for each unit is at or below the maximum rent and each unit is occupied by a household with a household income that is at or below the maximum income limit or is available for occupancy by a household with a household income that is at or below the maximum income limit.

Section 99. Effective date. This Act takes effect upon becoming law.