Bill Text: IL HB3056 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB3056 Detail]
Download: Illinois-2023-HB3056-Introduced.html
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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,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by adding | |||||||||||||||||||
5 | Section 15-178.1 as follows:
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6 | (35 ILCS 200/15-178.1 new) | |||||||||||||||||||
7 | Sec. 15-178.1. Reduction in assessed value for affordable | |||||||||||||||||||
8 | rental housing. | |||||||||||||||||||
9 | (a) For taxable year 2024 and thereafter, the assessed | |||||||||||||||||||
10 | value of qualified affordable housing property shall be | |||||||||||||||||||
11 | reduced by 30%. | |||||||||||||||||||
12 | (b) In order to receive the reduced valuation under
this | |||||||||||||||||||
13 | Section, the owner must submit an annual application to the | |||||||||||||||||||
14 | chief county assessment officer for review in the form and by | |||||||||||||||||||
15 | the date required by the chief county assessment officer. | |||||||||||||||||||
16 | (c) As used in this Section: | |||||||||||||||||||
17 | "Maximum income limit" means the maximum regular income | |||||||||||||||||||
18 | limits for 60% of the area median income for the geographic | |||||||||||||||||||
19 | area in which the property is located as determined for | |||||||||||||||||||
20 | multifamily programs by the United States Department of | |||||||||||||||||||
21 | Housing and Urban Development and published annually by the | |||||||||||||||||||
22 | Illinois Housing Development Authority. | |||||||||||||||||||
23 | "Maximum rent" means the maximum regular rent for 60% of |
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1 | the area median income for the geographic area in which the | ||||||
2 | multifamily building is located as determined by the United | ||||||
3 | States Department of Housing and Urban Development for | ||||||
4 | multifamily programs and published annually by the Illinois | ||||||
5 | Housing Development Authority. | ||||||
6 | "Qualified affordable housing property" means property | ||||||
7 | containing a multi-unit residential dwelling with no fewer | ||||||
8 | than 2 and no more than 6 residential dwelling units where the | ||||||
9 | rent for each unit is at or below the maximum rent and each | ||||||
10 | unit is occupied by a household with a household income that is | ||||||
11 | at or below the maximum income limit or is available for | ||||||
12 | occupancy by a household with a household income that is at or | ||||||
13 | below the maximum income limit.
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14 | Section 99. Effective date. This Act takes effect upon | ||||||
15 | becoming law.
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