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92_HB3775eng
HB3775 Engrossed LRB9212638SMdv
1 AN ACT concerning taxes.
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 Section 18-177 as follows:
6 (35 ILCS 200/18-177)
7 Sec. 18-177. Leased low-rent housing abatement. In
8 counties of 3,000,000 or more inhabitants, the county clerk
9 shall abate property taxes levied by any taxing district
10 under this Code on property that meets the following
11 requirements:
12 (1) Does not qualify as exempt property under
13 Section 15-95 of this Code.
14 (2) Is situated in a municipality with 1,000,000 or
15 more inhabitants and improved with either a multifamily
16 dwelling or a multi-building development that is subject
17 to a leasing agreement, regulatory and operating
18 agreement, or other similar instrument with a Housing
19 Authority created under the Housing Authorities Act that
20 sets forth the terms for leasing low-rent housing.
21 (3) consisting of 6 units or more that is leased
22 For a period of not less than 20 years to a housing
23 authority created under the Housing Authorities Act; but
24 only if the property and improvements, or the property
25 and improvements for which the abatement is sought, are
26 used solely for low-rent housing and related uses by the
27 housing authority as prescribed in a written lease
28 agreement.
29 Property and portions of property used or intended to be
30 used for commercial purposes are not eligible for the
31 abatement provided in this Section. A The housing authority
HB3775 Engrossed -2- LRB9212638SMdv
1 created under the Housing Authorities Act shall file annually
2 with the county clerk for any property eligible for an
3 abatement under this Section, on a form prescribed by the
4 county clerk, a certificate of the property's use during the
5 immediately preceding year. The certificate shall certify
6 that the property or a portion of the property meets the
7 requirements of this Section and that the eligible
8 residential units have been inspected within the previous 90
9 60 days and meet or exceed all housing quality standards of
10 the authority. If only a portion of the property meets these
11 requirements, the certificate shall state the amount of that
12 portion as a percentage of the total equalized and assessed
13 value of the property. If the property is improved with an
14 eligible multifamily dwelling or multi-building development
15 containing residential units that are individually assessed,
16 no more than 40% one-third of those residential units may be
17 certified. If the property is improved with an eligible
18 multifamily dwelling or multi-building development containing
19 residential units that are not individually assessed, the
20 portion of the property certified shall represent no more
21 than 40% one-third of those residential units. The county
22 clerk shall abate the taxes only if a certificate of use has
23 been timely filed for that year. If only a portion of the
24 property has been certified as eligible, the county clerk
25 shall abate the taxes in the percentage so certified.
26 Whenever a housing authority is the lessee of property
27 receives that is eligible for an abatement under this
28 Section, the rental rate set under the lease, regulatory and
29 operating agreement, or other similar instrument for that
30 property shall not include property taxes reflect a reduction
31 in payments due under the lease from the housing authority in
32 the full amount of the abatement. No property shall be
33 eligible for abatement under this Section if the owner of the
34 property has any outstanding and overdue debts to the
HB3775 Engrossed -3- LRB9212638SMdv
1 municipality in which the property is situated.
2 (Source: P.A. 90-767, eff. 1-1-99.)
3 Section 99. Effective date. This Act takes effect upon
4 becoming law.
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