Full Text of SB2185 94th General Assembly
SB2185ham002 94TH GENERAL ASSEMBLY
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Rep. Barbara Flynn Currie
Filed: 5/2/2006
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| AMENDMENT TO SENATE BILL 2185
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| AMENDMENT NO. ______. Amend Senate Bill 2185, AS AMENDED, | 3 |
| by replacing everything after the enacting clause with the | 4 |
| following:
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| "Section 5. The Property Tax Code is amended by changing | 6 |
| Sections 10-245 and 15-143 and by adding Division 15 to Article | 7 |
| 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 | 10 |
| projects. Notwithstanding Section 1-55 and except in counties | 11 |
| with a population of more
than 200,000 that classify property | 12 |
| for the purposes of taxation, to determine
33 and one-third | 13 |
| percent of the fair cash value of any low-income housing
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| project developed under the Section 515 program or that | 15 |
| qualifies for the low-income housing tax credit under Section | 16 |
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of the Internal Revenue Code, in assessing the project, | 17 |
| local assessment
officers must consider the actual or probable | 18 |
| net operating income attributable
to the property
project , | 19 |
| 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 | 21 |
| normal market
value capitalization rate shall be one that | 22 |
| reflects the prevailing cost of
cash for other types of | 23 |
| commercial real estate in the geographic market in
which the | 24 |
| 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) | 3 |
| DIVISION 15. SUPPORTIVE LIVING FACILITIES | 4 |
| (35 ILCS 200/10-390 new)
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| Sec. 10-390. Valuation of supportive living facilities. | 6 |
| (a) Notwithstanding Section 1-55, to determine
the fair | 7 |
| cash value of any supportive living facility established under | 8 |
| Section 5-5.01a of the Illinois Public Aid Code, in assessing | 9 |
| the facility, a local assessment
officer must use the income | 10 |
| capitalization approach. | 11 |
| (b) When assessing supportive living facilities, the local | 12 |
| assessment
officer may not consider: | 13 |
| (1) payments from Medicaid for services provided to | 14 |
| residents of supportive living facilities when such | 15 |
| payments constitute income that is attributable to | 16 |
| services and not attributable to the real estate; or | 17 |
| (2) payments by a resident of a supportive living | 18 |
| facility for services that would be paid by Medicaid if the | 19 |
| resident were Medicaid-eligible, when such payments | 20 |
| constitute income that is attributable to services and not | 21 |
| 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 | 24 |
| counties with a
population greater than 3,000,000. | 25 |
| (a) All property that is located in a county with a | 26 |
| population greater than 3,000,000 and that is owned by a | 27 |
| metropolitan
water reclamation district in a county with a | 28 |
| population greater than
3,000,000 is exempt.
Any such property | 29 |
| leased to an entity that is not
exempt shall remain exempt, and | 30 |
| the leasehold interest of the lessee shall be
assessed under | 31 |
| 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 | 2 |
| law.
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| (b) Property that is owned by a metropolitan
water | 4 |
| 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 | 6 |
| the property is: | 7 |
| (1) located in Will County; and | 8 |
| (2) leased to the Will County Forest Preserve District | 9 |
| 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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| Section 99. Effective date. This Act takes effect upon | 12 |
| becoming law.".
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