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1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:

4 Section 5. The Property Tax Code is amended by changing 
5Sections 10-40 and 10-50 as follows:

6 (35 ILCS 200/10-40)
7 Sec. 10-40. Historic Residence Assessment Freeze Law; 
8definitions. This Section and Sections 10-45 through 10-85 may 
9be cited as the Historic Residence Assessment Freeze Law. As 
10used in this Section and Sections 10-45 through 10-85: 
11  (a) "Director" means the Director of Historic 
12 Preservation. 
13  (b) "Approved county or municipal landmark ordinance" 
14 means a county or municipal ordinance approved by the 
15 Director. 
16  (c) "Historic building" means an owner-occupied single 
17 family residence or an owner-occupied multi-family 
18 residence and the tract, lot or parcel upon which it is 
19 located, or a building or buildings owned and operated as 
20 a cooperative, if: 
21   (1) individually listed on the National Register 
22 of Historic Places or the Illinois Register of 
23 Historic Places; 
 
 
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1   (2) individually designated pursuant to an 
2 approved county or municipal landmark ordinance; or 
3   (3) within a district listed on the National 
4 Register of Historic Places or designated pursuant to 
5 an approved county or municipal landmark ordinance, if 
6 the Director determines that the building is of 
7 historic significance to the district in which it is 
8 located. 
9 Historic building does not mean an individual unit of a 
10 cooperative. 
11  (d) "Assessment officer" means the chief county 
12 assessment officer. 
13  (e) "Certificate of rehabilitation" means the 
14 certificate issued by the Director upon the renovation, 
15 restoration, preservation or rehabilitation of an historic 
16 building under this Code. 
17  (f) "Rehabilitation period" means the period of time 
18 necessary to renovate, restore, preserve or rehabilitate 
19 an historic building as determined by the Director. 
20  (g) "Standards for rehabilitation" means the Secretary 
21 of Interior's standards for rehabilitation as promulgated 
22 by the U.S. Department of the Interior. 
23  (h) "Fair cash value" means the fair cash value of the 
24 historic building, as finally determined for that year by 
25 the assessment officer, board of review, Property Tax 
26 Appeal Board, or court on the basis of the assessment 
 
 
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1 officer's property record card, representing the value of 
2 the property prior to the commencement of rehabilitation 
3 without consideration of any reduction reflecting value 
4 during the rehabilitation work. The changes made to this 
5 Section by this amendatory Act of the 103rd General 
6 Assembly are declarative of existing law and shall not be 
7 construed as a new enactment.  
8  (i) "Base year valuation" means the fair cash value of 
9 the historic building for the year in which the 
10 rehabilitation period begins but prior to the commencement 
11 of the rehabilitation and does not include any reduction 
12 in value during the rehabilitation work. 
13  (j) "Adjustment in value" means the difference for any 
14 year between the then current fair cash value and the base 
15 year valuation. 
16  (k) "Eight-year valuation period" means the 8 years 
17 from the date of the issuance of the certificate of 
18 rehabilitation. 
19  (l) "Adjustment valuation period" means the 4 years 
20 following the 8 year valuation period. 
21  (m) "Substantial rehabilitation" means interior or 
22 exterior rehabilitation work that preserves the historic 
23 building in a manner that significantly improves its 
24 condition. 
25  (n) "Approved local government" means a local 
26 government that has been certified by the Director as: 
 
 
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1   (1) enforcing appropriate legislation for the 
2 designation of historic buildings; 
3   (2) having established an adequate and qualified 
4 historic review commission; 
5   (3) maintaining a system for the survey and 
6 inventory of historic properties; 
7   (4) providing for adequate public participation in 
8 the local historic preservation program; and 
9   (5) maintaining a system for reviewing 
10 applications under this Section in accordance with 
11 rules and regulations promulgated by the Director. 
12  (o) "Cooperative" means a building or buildings and 
13 the tract, lot, or parcel on which the building or 
14 buildings are located, if the building or buildings are 
15 devoted to residential uses by the owners and fee title to 
16 the land and building or buildings is owned by a 
17 corporation or other legal entity in which the 
18 shareholders or other co-owners each also have a long-term 
19 proprietary lease or other long-term arrangement of 
20 exclusive possession for a specific unit of occupancy 
21 space located within the same building or buildings. 
22  (p) "Owner", in the case of a cooperative, means the 
23 Association. 
24  (q) "Association", in the case of a cooperative, means 
25 the entity responsible for the administration of a 
26 cooperative, which entity may be incorporated or 
 
 
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1 unincorporated, profit or nonprofit. 
2  (r) "Owner-occupied single family residence" means a 
3 residence in which the title holder of record (i) holds 
4 fee simple ownership and (ii) occupies the property as 
5 his, her, or their principal residence. 
6  (s) "Owner-occupied multi-family residence" means 
7 residential property comprised of not more than 6 living 
8 units in which the title holder of record (i) holds fee 
9 simple ownership and (ii) occupies one unit as his, her, 
10 or their principal residence. The remaining units may be 
11 leased.
12 The changes made to this Section by this amendatory Act of 
13the 91st General Assembly are declarative of existing law and 
14shall not be construed as a new enactment.
15(Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.)

16 (35 ILCS 200/10-50)
17 Sec. 10-50. Valuation after 8 year valuation period.  
18 (a) For the 4 years after the expiration of the 8-year 
19valuation period, the valuation for purposes of computing the 
20assessed valuation shall not exceed the following be as 
21follows:
22  For the first year, the base year valuation plus 25% 
23 of the adjustment in value.
24  For the second year, the base year valuation plus 50% 
25 of the adjustment in value.
 
 
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