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91_SB1883eng SB1883 Engrossed LRB9113239SMdv 1 AN ACT to amend the Property Tax Code by changing 2 Sections 10-245 and 10-250. 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 Sections 10-245 and 10-250 as follows: 7 (35 ILCS 200/10-245) 8 Sec. 10-245. Method of valuation of Section 515 9 low-income housing projects. Notwithstanding Section 1-55 10 and except in counties with a population of more than 200,000 11 that classify property for the purposes of taxation, to 12 determine 33 and one-third percent of the fair cash value of 13 any Section 515 low-income housing project, in assessing the 14 project, local assessment officers must consider the actual 15 or probable net operating income attributable to the project, 16 using a vacancy rate of not more than 5%, capitalized at 17 normal market ratesvalues. The interest rate to be used in 18 developing the normal market value capitalization rate shall 19 be one that reflects the prevailing cost of cash for other 20 types of commercial real estate in the geographic market in 21 which the Section 515 project is located. 22 (Source: P.A. 91-651, eff. 1-1-00.) 23 (35 ILCS 200/10-250) 24 Sec. 10-250. Certification procedure and effective date 25 of implementation. After (i) an application for a Section 515 26 low-income housing project certificate is filed with the 27 State Director of the United States Department of Agriculture 28 Rural Development Office in a manner and form prescribed in 29 regulations issued by the office and (ii) the certificate is 30 issued certifying that the housing is a Section 515 SB1883 Engrossed -2- LRB9113239SMdv 1 low-income housing project as defined in Section 2 of this 2 Act, the certificate must be presented to the appropriate 3 local assessment officer to receive the property assessment 4 valuation under this Division. The local assessment officer 5 must assess the property according to this Act. Beginning on 6 January 1, 2000, all certified Section 515 low-income housing 7 projects shall be assessed in accordance with Section 10-245. 8The effective date of a certificate is the date of9application for the certificate or the date of the10construction of the project, whichever is later.11 (Source: P.A. 91-651, eff. 1-1-00.) 12 Section 99. Effective date. This Act takes effect upon 13 becoming law.