Bill Title: Amends the Property Tax Code. In provisions concerning a reduction in assessed value for affordable rental housing construction or rehabilitation, provides that, for the purpose of an initial application and only until the building is put in service, an owner may provide proof of either a deed restriction or participation in a government program that includes legally enforceable affordability requirements comparable to the requirements set forth in those provisions, and the chief county assessment officer shall furnish a letter of intent to the applicant. Makes changes to the definition of "assessed value for the residential real property in the base year". Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB4495 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2022-01-13	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4495

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4495 currently on file.

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