Public Act 094-1086
 		





SB2185 Enrolled
LRB094 17030 BDD 52312 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 
Sections 10-245 and 15-143 and by  adding Division 15 to Article 
10 as follows:
 



    (35 ILCS 200/10-245)



    Sec. 10-245. Method of valuation of low-income housing 
projects. Notwithstanding Section 1-55 and except in counties 
with a population of more
than 200,000 that classify property 
for the purposes of taxation, to determine
33 and one-third 
percent of the fair cash value of any low-income housing

project developed under the Section 515 program or that 
qualifies for the low-income housing tax credit under Section 
42
of the Internal Revenue Code, in assessing the project, 
local assessment
officers must consider the actual or probable 
net operating income attributable
to the property
project, 
using a vacancy rate of not more than 5%, capitalized at normal

market rates. The interest rate to be used in developing the 
normal market
value capitalization rate shall be one that 
reflects the prevailing cost of
cash for other types of 
commercial real estate in the geographic market in
which the 
low-income housing project is located.

(Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)

 
    (35 ILCS 200/Art. 10 Div. 15 heading new)
DIVISION 15.  SUPPORTIVE LIVING FACILITIES

 
    (35 ILCS 200/10-390 new)

    Sec. 10-390. Valuation of supportive living facilities.
    (a) Notwithstanding Section 1-55, to determine
the fair 
cash value of any supportive living facility  established under 
Section 5-5.01a of the Illinois Public Aid Code, in assessing 
the facility, a local assessment
officer must use the income 
capitalization approach.
    (b) When assessing supportive living facilities, the local 
assessment
officer may not consider:
        (1)            payments from Medicaid for services provided to 
    residents of supportive living facilities when such 
    payments constitute income that is attributable to 
    services and not attributable to the real estate; or
        (2)        payments by a resident of a supportive living 
    facility for services that would be paid by Medicaid if the 
    resident were Medicaid-eligible, when such payments 
    constitute income that is attributable to services and not 
    attributable to real estate.
 



    (35 ILCS 200/15-143)


    Sec. 15-143. Metropolitan Water Reclamation Districts in 
counties with a
population greater than 3,000,000.
    (a) All property that is located in a county with a 
population greater than 3,000,000 and that is owned by a 
metropolitan
water reclamation district in a county with a 
population greater than
3,000,000 is exempt.
Any such property 
leased to an entity that is not
exempt shall remain exempt, and 
the leasehold interest of the lessee shall be
assessed under 
Section 9-195 of this Code. The changes made by this amendatory 
Act of the 93rd General Assembly are declaratory of existing 
law.

    (b) Property that is owned by a metropolitan
water 
reclamation district in a county with a population greater than

3,000,000  is exempt, and the leasehold interest is exempt, if 
the property is:
        (1) located in Will County; and
        (2) leased to the Will County Forest Preserve District 
    for a de minimis amount for use for public purposes.


(Source: P.A. 93-767, eff. 7-20-04.)

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