Bill Text: IL SB3259 | 2013-2014 | 98th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0702 [SB3259 Detail]
Download: Illinois-2013-SB3259-Introduced.html
Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0702 [SB3259 Detail]
Download: Illinois-2013-SB3259-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 18-184.15 as follows:
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6 | (35 ILCS 200/18-184.15 new) | ||||||||||||||||||||||||
7 | Sec. 18-184.15. Abatement for commercial or industrial | ||||||||||||||||||||||||
8 | property. | ||||||||||||||||||||||||
9 | (a) Notwithstanding any provision of law to the contrary, | ||||||||||||||||||||||||
10 | where there has been a natural disaster within a county, the | ||||||||||||||||||||||||
11 | governing body of that county shall have the authority to make | ||||||||||||||||||||||||
12 | the abatement described in this Section. That governing body | ||||||||||||||||||||||||
13 | may, by ordinance, order the county clerk to abate the taxes | ||||||||||||||||||||||||
14 | levied by each taxing district in the county on any qualified | ||||||||||||||||||||||||
15 | parcel of commercial or industrial property located within the | ||||||||||||||||||||||||
16 | boundaries of the county. An abatement granted under this | ||||||||||||||||||||||||
17 | Section may be maintained for a period of 15 years after the | ||||||||||||||||||||||||
18 | commercial or industrial structure is rebuilt or until there is | ||||||||||||||||||||||||
19 | a change in ownership of the property, whichever occurs first. | ||||||||||||||||||||||||
20 | (b) The amount of the abatement shall be calculated as | ||||||||||||||||||||||||
21 | follows: | ||||||||||||||||||||||||
22 | (1) in the first 5 taxable years after the property is | ||||||||||||||||||||||||
23 | rebuilt, the amount of the abatement shall be the total |
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1 | amount of taxes levied against the property by the taxing | ||||||
2 | district for the taxable year, multiplied by the | ||||||
3 | incremental increase in the equalized assessed value of the | ||||||
4 | property; | ||||||
5 | (2) in the sixth taxable year after the property is | ||||||
6 | rebuilt, the amount of the abatement shall be 91% of the | ||||||
7 | amount described in item (1) for that taxable year; | ||||||
8 | (3) in the seventh taxable year after the property is | ||||||
9 | rebuilt, the amount of the abatement shall be 82% of the | ||||||
10 | amount described in item (1) for that taxable year; | ||||||
11 | (4) in the eighth taxable year after the property is | ||||||
12 | rebuilt, the amount of the abatement shall be 73% of the | ||||||
13 | amount described in item (1) for that taxable year; | ||||||
14 | (5) in the ninth taxable year after the property is | ||||||
15 | rebuilt, the amount of the abatement shall be 64% of the | ||||||
16 | amount described in item (1) for that taxable year; | ||||||
17 | (6) in the tenth taxable year after the property is | ||||||
18 | rebuilt, the amount of the abatement shall be 55% of the | ||||||
19 | amount described in item (1) for that taxable year; | ||||||
20 | (7) in the eleventh taxable year after the property is | ||||||
21 | rebuilt, the amount of the abatement shall be 46% of the | ||||||
22 | amount described in item (1) for that taxable year; | ||||||
23 | (8) in the twelfth taxable year after the property is | ||||||
24 | rebuilt, the amount of the abatement shall be 37% of the | ||||||
25 | amount described in item (1) for that taxable year; | ||||||
26 | (9) in the thirteenth taxable year after the property |
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1 | is rebuilt, the amount of the abatement shall be 28% of the | ||||||
2 | amount described in item (1) for that taxable year; | ||||||
3 | (10) in the fourteenth taxable year after the property | ||||||
4 | is rebuilt, the amount of the abatement shall be 19% of the | ||||||
5 | amount described in item (1) for that taxable year; and | ||||||
6 | (11) in the fifteenth taxable year after the property | ||||||
7 | is rebuilt, the amount of the abatement shall be 10% of the | ||||||
8 | amount described in item (1) for that taxable year. | ||||||
9 | (c) For the purposes of this Section, the following terms | ||||||
10 | have the following meanings. | ||||||
11 | "Base year" means the taxable year prior to the taxable | ||||||
12 | year in which the natural disaster occurred. | ||||||
13 | "Incremental increase in the equalized assessed value of | ||||||
14 | the property" means a fraction in which the numerator is the | ||||||
15 | increase, if any, in the current year's equalized assessed | ||||||
16 | value of the property over the equalized assessed value of the | ||||||
17 | property for the base year that is attributable to rebuilding a | ||||||
18 | commercial or industrial structure on the property after a | ||||||
19 | natural disaster, and the denominator is the current year's | ||||||
20 | equalized assessed value of the rebuilt property. | ||||||
21 | "Natural disaster" means an occurrence of widespread or | ||||||
22 | severe damage or loss of property resulting from any | ||||||
23 | catastrophic cause including but not limited to fire, flood, | ||||||
24 | earthquake, wind, storm, or extended period of severe inclement | ||||||
25 | weather. In the case of a commercial or industrial structure | ||||||
26 | affected by flooding, the structure shall not be eligible for |
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1 | this exemption unless it is located within a local jurisdiction | ||||||
2 | which is participating in the National Flood Insurance Program. | ||||||
3 | The natural disaster shall be proclaimed as such by the | ||||||
4 | Governor or the President of the United States. | ||||||
5 | "Qualified parcel of commercial or industrial property" | ||||||
6 | means property that (i) is used exclusively for commercial or | ||||||
7 | industrial purposes and (ii) has been rebuilt following a | ||||||
8 | natural disaster occurring in taxable year 2013 or any taxable | ||||||
9 | year thereafter.
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10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.
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