Illinois 2023-2024 Regular Session

Illinois House Bill HB2513 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2513 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED: 35 ILCS 200/10-40 35 ILCS 200/10-50 Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that those changes are declarative of existing law. LRB103 26973 HLH 53340 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2513 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED: 35 ILCS 200/10-40 35 ILCS 200/10-50 35 ILCS 200/10-40 35 ILCS 200/10-50 Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that those changes are declarative of existing law. LRB103 26973 HLH 53340 b LRB103 26973 HLH 53340 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2513 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/10-40 35 ILCS 200/10-50 35 ILCS 200/10-40 35 ILCS 200/10-50
4	4	35 ILCS 200/10-40
5	5	35 ILCS 200/10-50
6	6	Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that those changes are declarative of existing law.
7	7	LRB103 26973 HLH 53340 b LRB103 26973 HLH 53340 b
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9	9	A BILL FOR
10	10	HB2513LRB103 26973 HLH 53340 b HB2513 LRB103 26973 HLH 53340 b
11	11	HB2513 LRB103 26973 HLH 53340 b
12	12	1 AN ACT concerning revenue.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 5. The Property Tax Code is amended by changing
16	16	5 Sections 10-40 and 10-50 as follows:
17	17	6 (35 ILCS 200/10-40)
18	18	7 Sec. 10-40. Historic Residence Assessment Freeze Law;
19	19	8 definitions. This Section and Sections 10-45 through 10-85 may
20	20	9 be cited as the Historic Residence Assessment Freeze Law. As
21	21	10 used in this Section and Sections 10-45 through 10-85:
22	22	11 (a) "Director" means the Director of Historic
23	23	12 Preservation.
24	24	13 (b) "Approved county or municipal landmark ordinance"
25	25	14 means a county or municipal ordinance approved by the
26	26	15 Director.
27	27	16 (c) "Historic building" means an owner-occupied single
28	28	17 family residence or an owner-occupied multi-family
29	29	18 residence and the tract, lot or parcel upon which it is
30	30	19 located, or a building or buildings owned and operated as
31	31	20 a cooperative, if:
32	32	21 (1) individually listed on the National Register
33	33	22 of Historic Places or the Illinois Register of
34	34	23 Historic Places;
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38	38	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2513 Introduced , by Rep. Kelly M. Burke SYNOPSIS AS INTRODUCED:
39	39	35 ILCS 200/10-40 35 ILCS 200/10-50 35 ILCS 200/10-40 35 ILCS 200/10-50
40	40	35 ILCS 200/10-40
41	41	35 ILCS 200/10-50
42	42	Amends the Property Tax Code. In provisions concerning the Historic Residence Assessment Freeze Law, provides that the fair cash value of the property shall be based on the final determination by the assessment officer, board of review, Property Tax Appeal Board, or court. Provides that, after the expiration of the 8-year valuation period, if the current fair cash value is less than the adjusted base year valuation, then the assessment shall be based on the current fair cash value. Provides that those changes are declarative of existing law.
43	43	LRB103 26973 HLH 53340 b LRB103 26973 HLH 53340 b
44	44	LRB103 26973 HLH 53340 b
45	45	A BILL FOR
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51	51	35 ILCS 200/10-40
52	52	35 ILCS 200/10-50
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71	71	1 (2) individually designated pursuant to an
72	72	2 approved county or municipal landmark ordinance; or
73	73	3 (3) within a district listed on the National
74	74	4 Register of Historic Places or designated pursuant to
75	75	5 an approved county or municipal landmark ordinance, if
76	76	6 the Director determines that the building is of
77	77	7 historic significance to the district in which it is
78	78	8 located.
79	79	9 Historic building does not mean an individual unit of a
80	80	10 cooperative.
81	81	11 (d) "Assessment officer" means the chief county
82	82	12 assessment officer.
83	83	13 (e) "Certificate of rehabilitation" means the
84	84	14 certificate issued by the Director upon the renovation,
85	85	15 restoration, preservation or rehabilitation of an historic
86	86	16 building under this Code.
87	87	17 (f) "Rehabilitation period" means the period of time
88	88	18 necessary to renovate, restore, preserve or rehabilitate
89	89	19 an historic building as determined by the Director.
90	90	20 (g) "Standards for rehabilitation" means the Secretary
91	91	21 of Interior's standards for rehabilitation as promulgated
92	92	22 by the U.S. Department of the Interior.
93	93	23 (h) "Fair cash value" means the fair cash value of the
94	94	24 historic building, as finally determined for that year by
95	95	25 the assessment officer, board of review, Property Tax
96	96	26 Appeal Board, or court on the basis of the assessment
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107	107	1 officer's property record card, representing the value of
108	108	2 the property prior to the commencement of rehabilitation
109	109	3 without consideration of any reduction reflecting value
110	110	4 during the rehabilitation work. The changes made to this
111	111	5 Section by this amendatory Act of the 103rd General
112	112	6 Assembly are declarative of existing law and shall not be
113	113	7 construed as a new enactment.
114	114	8 (i) "Base year valuation" means the fair cash value of
115	115	9 the historic building for the year in which the
116	116	10 rehabilitation period begins but prior to the commencement
117	117	11 of the rehabilitation and does not include any reduction
118	118	12 in value during the rehabilitation work.
119	119	13 (j) "Adjustment in value" means the difference for any
120	120	14 year between the then current fair cash value and the base
121	121	15 year valuation.
122	122	16 (k) "Eight-year valuation period" means the 8 years
123	123	17 from the date of the issuance of the certificate of
124	124	18 rehabilitation.
125	125	19 (l) "Adjustment valuation period" means the 4 years
126	126	20 following the 8 year valuation period.
127	127	21 (m) "Substantial rehabilitation" means interior or
128	128	22 exterior rehabilitation work that preserves the historic
129	129	23 building in a manner that significantly improves its
130	130	24 condition.
131	131	25 (n) "Approved local government" means a local
132	132	26 government that has been certified by the Director as:
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143	143	1 (1) enforcing appropriate legislation for the
144	144	2 designation of historic buildings;
145	145	3 (2) having established an adequate and qualified
146	146	4 historic review commission;
147	147	5 (3) maintaining a system for the survey and
148	148	6 inventory of historic properties;
149	149	7 (4) providing for adequate public participation in
150	150	8 the local historic preservation program; and
151	151	9 (5) maintaining a system for reviewing
152	152	10 applications under this Section in accordance with
153	153	11 rules and regulations promulgated by the Director.
154	154	12 (o) "Cooperative" means a building or buildings and
155	155	13 the tract, lot, or parcel on which the building or
156	156	14 buildings are located, if the building or buildings are
157	157	15 devoted to residential uses by the owners and fee title to
158	158	16 the land and building or buildings is owned by a
159	159	17 corporation or other legal entity in which the
160	160	18 shareholders or other co-owners each also have a long-term
161	161	19 proprietary lease or other long-term arrangement of
162	162	20 exclusive possession for a specific unit of occupancy
163	163	21 space located within the same building or buildings.
164	164	22 (p) "Owner", in the case of a cooperative, means the
165	165	23 Association.
166	166	24 (q) "Association", in the case of a cooperative, means
167	167	25 the entity responsible for the administration of a
168	168	26 cooperative, which entity may be incorporated or
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179	179	1 unincorporated, profit or nonprofit.
180	180	2 (r) "Owner-occupied single family residence" means a
181	181	3 residence in which the title holder of record (i) holds
182	182	4 fee simple ownership and (ii) occupies the property as
183	183	5 his, her, or their principal residence.
184	184	6 (s) "Owner-occupied multi-family residence" means
185	185	7 residential property comprised of not more than 6 living
186	186	8 units in which the title holder of record (i) holds fee
187	187	9 simple ownership and (ii) occupies one unit as his, her,
188	188	10 or their principal residence. The remaining units may be
189	189	11 leased.
190	190	12 The changes made to this Section by this amendatory Act of
191	191	13 the 91st General Assembly are declarative of existing law and
192	192	14 shall not be construed as a new enactment.
193	193	15 (Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.)
194	194	16 (35 ILCS 200/10-50)
195	195	17 Sec. 10-50. Valuation after 8 year valuation period.
196	196	18 (a) For the 4 years after the expiration of the 8-year
197	197	19 valuation period, the valuation for purposes of computing the
198	198	20 assessed valuation shall not exceed the following be as
199	199	21 follows:
200	200	22 For the first year, the base year valuation plus 25%
201	201	23 of the adjustment in value.
202	202	24 For the second year, the base year valuation plus 50%
203	203	25 of the adjustment in value.
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214	214	1 For the third year, the base year valuation plus 75%
215	215	2 of the adjustment in value.
216	216	3 For the fourth year, the then current fair cash value.
217	217	4 (b) If the current fair cash value during the adjustment
218	218	5 valuation period is less than the base year valuation with the
219	219	6 applicable adjustment, the assessment shall be based on the
220	220	7 current fair cash value. The changes made to this Section by
221	221	8 this amendatory Act of the 103rd General Assembly are
222	222	9 declarative of existing law and shall not be construed as a new
223	223	10 enactment.
224	224	11 (Source: P.A. 82-1023; 88-455.)
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