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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB2592 Introduced 2/6/2025, by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED:
| | 35 ILCS 200/18-185.25 new | |
| Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately. |
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| | A BILL FOR |
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| | HB2592 | | LRB104 08528 HLH 18580 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 18-185.25 as follows:
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| 6 | | (35 ILCS 200/18-185.25 new) |
| 7 | | Sec. 18-185.25. Low-income condominium association |
| 8 | | abatement. |
| 9 | | (a) Upon a majority vote of its governing authority, any |
| 10 | | taxing district may, after the determination of the assessed |
| 11 | | valuation of its property, order the county clerk to abate any |
| 12 | | portion of its taxes on any qualified condominium property. |
| 13 | | The amount of the abatement may not exceed the special |
| 14 | | assessments imposed against the property by the condominium |
| 15 | | association during the taxable year. |
| 16 | | (b) As used in this Section: |
| 17 | | "Low-income community" means a census tract where at least |
| 18 | | half of the households have a household income that does not |
| 19 | | exceed 80% of the Area Median Income. |
| 20 | | "Qualified condominium property" means a condominium that |
| 21 | | is located in a low-income community and with respect to which |
| 22 | | the condominium association has imposed a special assessment |
| 23 | | for repairs during the taxable year.
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