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| [ House Amendment 001 ] |
91_HB3980
LRB9110839SMcs
1 AN ACT to amend the Property Tax Code by changing Section
2 18-177.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 18-177 as follows:
7 (35 ILCS 200/18-177)
8 Sec. 18-177. Leased low-rent housing abatement. In
9 counties of 3,000,000 or more inhabitants, the county clerk
10 shall abate property taxes levied by any taxing district
11 under this Code on property situated in a municipality with
12 1,000,000 or more inhabitants and improved with either a
13 multifamily dwelling or a multi-building development
14 consisting of 6 units or more that is leased for a period of
15 not less than 20 years to a housing authority created under
16 the Housing Authorities Act; but only if the property and
17 improvements, or the property and improvements for which the
18 abatement is sought, are used solely for low-rent housing and
19 related uses by the housing authority as prescribed in a
20 written lease agreement. Property and portions of property
21 used or intended to be used for commercial purposes are not
22 eligible for the abatement provided in this Section. The
23 housing authority shall file annually with the county clerk
24 for any property eligible for an abatement under this
25 Section, on a form prescribed by the county clerk, a
26 certificate of the property's use during the immediately
27 preceding year. The certificate shall certify that the
28 property or a portion of the property meets the requirements
29 of this Section and that the eligible residential units have
30 been inspected within the previous 60 days and meet or exceed
31 all housing quality standards of the authority. If only a
-2- LRB9110839SMcs
1 portion of the property meets these requirements, the
2 certificate shall state the amount of that portion as a
3 percentage of the total equalized and assessed value of the
4 property. If the property is improved with an eligible
5 multifamily dwelling or multi-building development containing
6 residential units that are individually assessed, no more
7 than one-third of those residential units may be certified.
8 If the property is improved with an eligible multifamily
9 dwelling or multi-building development containing residential
10 units that are not individually assessed, the portion of the
11 property certified shall represent no more than one-third of
12 those residential units. The county clerk shall abate the
13 taxes only if a certificate of use has been timely filed for
14 that year. If only a portion of the property has been
15 certified as eligible, the county clerk shall abate the taxes
16 in the percentage so certified. Whenever a housing authority
17 is the lessee of property that is eligible for an abatement
18 under this Section, the lease shall reflect a reduction in
19 payments due under the lease from the housing authority in
20 the full amount of the abatement. No property shall be
21 eligible for abatement under this Section if the owner of the
22 property has any outstanding and overdue debts to the
23 municipality in which the property is situated.
24 (Source: P.A. 90-767, eff. 1-1-99.)
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.