Public Act 094-0296
 		





HB3763 Enrolled
LRB094 09099 BDD 39328 b






    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 changing 
Section 18-177 as follows:
 



    (35 ILCS 200/18-177)



    Sec. 18-177. Leased low-rent housing abatement. 
    (a) In counties of 3,000,000
or more inhabitants, the 
county clerk shall abate property taxes levied by
any taxing 
district under this Code on property that meets the following

requirements:


        (1) The property does not qualify as exempt property 
    under Section
15-95 of this Code.


        (2) The property is situated in a municipality with 
    1,000,000 or more
inhabitants and improved with either a 
    multifamily dwelling or a multi-building
development that 
    is subject to a leasing agreement, regulatory and operating

    agreement, or other similar instrument with a Housing 
    Authority created under
the Housing Authorities Act that 
    sets forth the terms for leasing low-rent
housing.


        (3) For a period of not less than 20 years, the 
    property and
improvements are used solely for low-rent 
    housing and related uses.

Property and portions of property used or intended to be used 
for
commercial purposes are not eligible for the abatement 
provided in this
Section.

    A housing authority created under the Housing Authorities 
Act shall
file annually with the county clerk for any property 
eligible for an abatement
under this Section, on a form 
prescribed by the county clerk, a certificate of
the property's 
use during the immediately preceding year.  The certificate

shall certify that the property or a portion of the property 
meets the
requirements of this Section and that the eligible 
residential units have been
inspected within the previous 90 
days and meet or exceed all housing quality
standards of the 
authority.  If only a portion of the property meets these

requirements, the certificate shall state the amount of that 
portion as a
percentage of the total equalized and assessed 
value of the property.  If the
property is improved with an 
eligible multifamily dwelling or multi-building
development 
containing residential units that are individually assessed, 
then, except as provided in subsection (b), no
more than 40% of 
those residential units may be certified.  If the property is

improved with an eligible multifamily dwelling or 
multi-building development
containing residential units that 
are not individually assessed, then, except as provided in 
subsection (b), the portion
of the property certified shall 
represent no more than 40% of those residential
units.

    The county clerk shall abate the taxes only if a 
certificate of use has
been timely filed for that year.  If only 
a portion of the property has been
certified as eligible, the 
county clerk shall abate the taxes in the percentage
so 
certified.

    Whenever property receives an abatement under this 
Section, the rental rate
set under the lease, regulatory and 
operating agreement, or other similar
instrument for that 
property shall not include property taxes.

    No property shall be eligible for abatement under this 
Section if the owner
of the property has any outstanding and 
overdue debts to the municipality in
which the property is 
situated.

    (b) The percentage limitation on the certification of 
residential units set forth in subsection (a) shall be deemed 
to be satisfied in the case of developments described in 
resolutions adopted by the Board of Commissioners of the 
Chicago Housing Authority on September 19, 2000, December 17, 
2002, or September 16, 2003, as amended, approving the 
disposition of certain land and buildings on which all or a 
portion of the developments are or will be situated, if no more 
than 50% of the units in the development are so certified.

(Source: P.A. 92-621, eff. 7-11-02; revised 11-6-02.)


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