Bill Text: IL HB5035 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Creates a reduction in assessed value for property that contains a residential structure that is leased to at least one individual who participates in a qualifying income-based rental subsidy program. Provides that the reduction shall be equal to $2,000 multiplied by the number of residential units on the property that are rented to an individual who participates in a qualifying income-based rental subsidy program. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2025-01-07 - Session Sine Die [HB5035 Detail]

Download: Illinois-2023-HB5035-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5035 Introduced , by Rep. Eva-Dina Delgado SYNOPSIS AS INTRODUCED:
35 ILCS 200/15-178.1 new
Amends the Property Tax Code. Creates a reduction in assessed value for property that contains a residential structure that is leased to at least one individual who participates in a qualifying income-based rental subsidy program. Provides that the reduction shall be equal to $2,000 multiplied by the number of residential units on the property that are rented to an individual who participates in a qualifying income-based rental subsidy program. Effective immediately.
LRB103 37554 HLH 67679 b
A BILL FOR
HB5035 LRB103 37554 HLH 67679 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 15-178.1 as follows:
(35 ILCS 200/15-178.1 new)
Sec. 15-178.1. Reduction in assessed value for affordable
rental housing occupancy. Notwithstanding any other provision
of law, each property that contains a residential structure
that is leased to at least one individual who participates in a
qualifying income-based rental subsidy program is entitled to
a reduction in its equalized assessed value in an amount equal
to $2,000 multiplied by the number of residential units on the
property that are rented to an individual who participates in
a qualifying income-based rental subsidy program.
To receive the reduction under this Section, the taxpayer
shall submit an application to the chief county assessment
officer of the county in which the property is located by July
1 of each taxable year. A county may, by resolution, establish
a date for submission of applications that is different than
July 1.
As used in this Section "qualifying income-based rental
subsidy program" has the meaning given to that term in Section

HB5035 - 2 - LRB103 37554 HLH 67679 b
15-178.