Full Text of SB2703 103rd General Assembly
SB2703eng 103RD GENERAL ASSEMBLY | | | SB2703 Engrossed | | LRB103 36566 HLH 66673 b |
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| 1 | | AN ACT concerning revenue. | 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly: | 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Sections 10-40 and 10-50 as follows: | 6 | | (35 ILCS 200/10-40) | 7 | | Sec. 10-40. Historic Residence Assessment Freeze Law; | 8 | | definitions. This Section and Sections 10-45 through 10-85 may | 9 | | be cited as the Historic Residence Assessment Freeze Law. As | 10 | | used in this Section and Sections 10-45 through 10-85: | 11 | | (a) "Director" means the Director of Historic | 12 | | Preservation. | 13 | | (b) "Approved county or municipal landmark ordinance" | 14 | | means a county or municipal ordinance approved by the | 15 | | Director. | 16 | | (c) "Historic building" means an owner-occupied single | 17 | | family residence or an owner-occupied multi-family | 18 | | residence and the tract, lot or parcel upon which it is | 19 | | located, or a building or buildings owned and operated as | 20 | | a cooperative, if: | 21 | | (1) individually listed on the National Register | 22 | | of Historic Places or the Illinois Register of | 23 | | Historic Places; |
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| 1 | | (2) individually designated pursuant to an | 2 | | approved county or municipal landmark ordinance; or | 3 | | (3) within a district listed on the National | 4 | | Register of Historic Places or designated pursuant to | 5 | | an approved county or municipal landmark ordinance, if | 6 | | the Director determines that the building is of | 7 | | historic significance to the district in which it is | 8 | | located. | 9 | | Historic building does not mean an individual unit of a | 10 | | cooperative. | 11 | | (d) "Assessment officer" means the chief county | 12 | | assessment officer. | 13 | | (e) "Certificate of rehabilitation" means the | 14 | | certificate issued by the Director upon the renovation, | 15 | | restoration, preservation or rehabilitation of an historic | 16 | | building under this Code. | 17 | | (f) "Rehabilitation period" means the period of time | 18 | | necessary to renovate, restore, preserve or rehabilitate | 19 | | an historic building as determined by the Director. | 20 | | (g) "Standards for rehabilitation" means the Secretary | 21 | | of Interior's standards for rehabilitation as promulgated | 22 | | by the U.S. Department of the Interior. | 23 | | (h) "Fair cash value" means the fair cash value of the | 24 | | historic building, as finally determined for that year by | 25 | | the assessment officer, board of review, Property Tax | 26 | | Appeal Board, or court on the basis of the assessment |
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| 1 | | officer's property record card , representing the value of | 2 | | the property prior to the commencement of rehabilitation | 3 | | without consideration of any reduction reflecting value | 4 | | during the rehabilitation work. The changes made to this | 5 | | Section by this amendatory Act of the 103rd General | 6 | | Assembly are declarative of existing law and shall not be | 7 | | construed as a new enactment. | 8 | | (i) "Base year valuation" means the fair cash value of | 9 | | the historic building for the year in which the | 10 | | rehabilitation period begins but prior to the commencement | 11 | | of the rehabilitation and does not include any reduction | 12 | | in value during the rehabilitation work. | 13 | | (j) "Adjustment in value" means the difference for any | 14 | | year between the then current fair cash value and the base | 15 | | year valuation. | 16 | | (k) "Eight-year valuation period" means the 8 years | 17 | | from the date of the issuance of the certificate of | 18 | | rehabilitation. | 19 | | (l) "Adjustment valuation period" means the 4 years | 20 | | following the 8 year valuation period. | 21 | | (m) "Substantial rehabilitation" means interior or | 22 | | exterior rehabilitation work that preserves the historic | 23 | | building in a manner that significantly improves its | 24 | | condition. | 25 | | (n) "Approved local government" means a local | 26 | | government that has been certified by the Director as: |
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| 1 | | (1) enforcing appropriate legislation for the | 2 | | designation of historic buildings; | 3 | | (2) having established an adequate and qualified | 4 | | historic review commission; | 5 | | (3) maintaining a system for the survey and | 6 | | inventory of historic properties; | 7 | | (4) providing for adequate public participation in | 8 | | the local historic preservation program; and | 9 | | (5) maintaining a system for reviewing | 10 | | applications under this Section in accordance with | 11 | | rules and regulations promulgated by the Director. | 12 | | (o) "Cooperative" means a building or buildings and | 13 | | the tract, lot, or parcel on which the building or | 14 | | buildings are located, if the building or buildings are | 15 | | devoted to residential uses by the owners and fee title to | 16 | | the land and building or buildings is owned by a | 17 | | corporation or other legal entity in which the | 18 | | shareholders or other co-owners each also have a long-term | 19 | | proprietary lease or other long-term arrangement of | 20 | | exclusive possession for a specific unit of occupancy | 21 | | space located within the same building or buildings. | 22 | | (p) "Owner", in the case of a cooperative, means the | 23 | | Association. | 24 | | (q) "Association", in the case of a cooperative, means | 25 | | the entity responsible for the administration of a | 26 | | cooperative, which entity may be incorporated or |
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| 1 | | unincorporated, profit or nonprofit. | 2 | | (r) "Owner-occupied single family residence" means a | 3 | | residence in which the title holder of record (i) holds | 4 | | fee simple ownership and (ii) occupies the property as | 5 | | his, her, or their principal residence. | 6 | | (s) "Owner-occupied multi-family residence" means | 7 | | residential property comprised of not more than 6 living | 8 | | units in which the title holder of record (i) holds fee | 9 | | simple ownership and (ii) occupies one unit as his, her, | 10 | | or their principal residence. The remaining units may be | 11 | | leased. | 12 | | The changes made to this Section by this amendatory Act of | 13 | | the 91st General Assembly are declarative of existing law and | 14 | | shall not be construed as a new enactment. | 15 | | (Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.) | 16 | | (35 ILCS 200/10-50) | 17 | | Sec. 10-50. Valuation after 8 year valuation period. | 18 | | (a) For the 4 years after the expiration of the 8-year | 19 | | valuation period, the valuation for purposes of computing the | 20 | | assessed valuation shall not exceed the following be as | 21 | | follows : | 22 | | For the first year, the base year valuation plus 25% | 23 | | of the adjustment in value. | 24 | | For the second year, the base year valuation plus 50% | 25 | | of the adjustment in value. |
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| 1 | | For the third year, the base year valuation plus 75% | 2 | | of the adjustment in value. | 3 | | For the fourth year, the then current fair cash value. | 4 | | (b) If the current fair cash value during the adjustment | 5 | | valuation period is less than the base year valuation with the | 6 | | applicable adjustment, the assessment shall be based on the | 7 | | current fair cash value. The changes made to this Section by | 8 | | this amendatory Act of the 103rd General Assembly are | 9 | | declarative of existing law and shall not be construed as a new | 10 | | enactment. | 11 | | (Source: P.A. 82-1023; 88-455.) |
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