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35 ILCS 200/15-5

    (35 ILCS 200/15-5)
    Sec. 15-5. Creation of exemptions.
    (a) Any person wishing to claim an exemption for the first time, other than those entities applying under subsection (b) or persons claiming a homestead exemption under Sections 15-165 through 15-180, shall file an application with the county board of review or board of appeals, following the procedures of Section 16-70 or 16-130. In addition, in counties with a population of 3,000,000 or more, the board of review shall transmit to the county assessor's office, within 14 days of receipt, a copy of any application that requests exempt status under Section 15-40.
    (b) Notwithstanding any provision to the contrary, all properties owned by the entities listed in this subsection and held for future development are exempt from property taxes. Persons applying for an exemption under this subsection are not required to follow the procedures set forth in Section 16-70 or 16-130. To claim an exemption under this subsection, the entities listed below must submit the following documentation to the county board of review: (i) a recorded deed vesting title in the entity and identifying the legal description and property index number for the exempt property; and (ii) an affidavit of use signed by an authorized signor or agent for the entity attesting that the property is being held for future development. Once the board of review confirms that it has received true and accurate copies of the documentation identified in this subsection, the exemption is granted without further review from the Department. If an exemption is approved, the board of review shall direct the county assessor to correct the assessment to reflect the exemption. The decision of the board of review is a final administrative decision subject to review under the Administrative Review Law. The exemption approval process set forth in this subsection shall apply to property owned by any of the following entities and held for future development:
        (1) County of Cook d/b/a Cook County Land Bank
        (2) South Suburban Land Bank and Development
Authority; or
        (3) Northern Illinois Land Bank Authority.
(Source: P.A. 102-815, eff. 5-13-22.)