| 1 | 1 | | 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3056 Introduced , by Rep. Lilian Jimnez SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-178.1 new Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately. LRB103 28882 HLH 55268 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3056 Introduced , by Rep. Lilian Jimnez SYNOPSIS AS INTRODUCED: 35 ILCS 200/15-178.1 new 35 ILCS 200/15-178.1 new Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately. LRB103 28882 HLH 55268 b LRB103 28882 HLH 55268 b A BILL FOR |
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| 2 | 2 | | 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3056 Introduced , by Rep. Lilian Jimnez SYNOPSIS AS INTRODUCED: |
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| 3 | 3 | | 35 ILCS 200/15-178.1 new 35 ILCS 200/15-178.1 new |
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| 4 | 4 | | 35 ILCS 200/15-178.1 new |
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| 5 | 5 | | Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately. |
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| 6 | 6 | | LRB103 28882 HLH 55268 b LRB103 28882 HLH 55268 b |
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| 7 | 7 | | LRB103 28882 HLH 55268 b |
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| 8 | 8 | | A BILL FOR |
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| 9 | 9 | | HB3056LRB103 28882 HLH 55268 b HB3056 LRB103 28882 HLH 55268 b |
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| 10 | 10 | | HB3056 LRB103 28882 HLH 55268 b |
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| 11 | 11 | | 1 AN ACT concerning revenue. |
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| 12 | 12 | | 2 Be it enacted by the People of the State of Illinois, |
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| 13 | 13 | | 3 represented in the General Assembly: |
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| 14 | 14 | | 4 Section 5. The Property Tax Code is amended by adding |
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| 15 | 15 | | 5 Section 15-178.1 as follows: |
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| 16 | 16 | | 6 (35 ILCS 200/15-178.1 new) |
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| 17 | 17 | | 7 Sec. 15-178.1. Reduction in assessed value for affordable |
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| 18 | 18 | | 8 rental housing. |
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| 19 | 19 | | 9 (a) For taxable year 2024 and thereafter, the assessed |
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| 20 | 20 | | 10 value of qualified affordable housing property shall be |
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| 21 | 21 | | 11 reduced by 30%. |
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| 22 | 22 | | 12 (b) In order to receive the reduced valuation under this |
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| 23 | 23 | | 13 Section, the owner must submit an annual application to the |
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| 24 | 24 | | 14 chief county assessment officer for review in the form and by |
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| 25 | 25 | | 15 the date required by the chief county assessment officer. |
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| 26 | 26 | | 16 (c) As used in this Section: |
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| 27 | 27 | | 17 "Maximum income limit" means the maximum regular income |
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| 28 | 28 | | 18 limits for 60% of the area median income for the geographic |
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| 29 | 29 | | 19 area in which the property is located as determined for |
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| 30 | 30 | | 20 multifamily programs by the United States Department of |
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| 31 | 31 | | 21 Housing and Urban Development and published annually by the |
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| 32 | 32 | | 22 Illinois Housing Development Authority. |
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| 33 | 33 | | 23 "Maximum rent" means the maximum regular rent for 60% of |
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| 36 | 36 | | |
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| 37 | 37 | | 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3056 Introduced , by Rep. Lilian Jimnez SYNOPSIS AS INTRODUCED: |
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| 38 | 38 | | 35 ILCS 200/15-178.1 new 35 ILCS 200/15-178.1 new |
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| 39 | 39 | | 35 ILCS 200/15-178.1 new |
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| 40 | 40 | | Amends the Property Tax Code. Provides that the assessed value of qualified affordable housing property shall be reduced by 30%. Effective immediately. |
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| 41 | 41 | | LRB103 28882 HLH 55268 b LRB103 28882 HLH 55268 b |
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| 42 | 42 | | LRB103 28882 HLH 55268 b |
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| 43 | 43 | | A BILL FOR |
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| 48 | 48 | | |
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| 49 | 49 | | 35 ILCS 200/15-178.1 new |
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| 53 | 53 | | LRB103 28882 HLH 55268 b |
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| 63 | 63 | | HB3056 LRB103 28882 HLH 55268 b |
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| 66 | 66 | | HB3056- 2 -LRB103 28882 HLH 55268 b HB3056 - 2 - LRB103 28882 HLH 55268 b |
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| 67 | 67 | | HB3056 - 2 - LRB103 28882 HLH 55268 b |
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| 68 | 68 | | 1 the area median income for the geographic area in which the |
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| 69 | 69 | | 2 multifamily building is located as determined by the United |
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| 70 | 70 | | 3 States Department of Housing and Urban Development for |
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| 71 | 71 | | 4 multifamily programs and published annually by the Illinois |
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| 72 | 72 | | 5 Housing Development Authority. |
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| 73 | 73 | | 6 "Qualified affordable housing property" means property |
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| 74 | 74 | | 7 containing a multi-unit residential dwelling with no fewer |
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| 75 | 75 | | 8 than 2 and no more than 6 residential dwelling units where the |
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| 76 | 76 | | 9 rent for each unit is at or below the maximum rent and each |
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| 77 | 77 | | 10 unit is occupied by a household with a household income that is |
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| 78 | 78 | | 11 at or below the maximum income limit or is available for |
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| 79 | 79 | | 12 occupancy by a household with a household income that is at or |
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| 80 | 80 | | 13 below the maximum income limit. |
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| 81 | 81 | | 14 Section 99. Effective date. This Act takes effect upon |
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| 82 | 82 | | 15 becoming law. |
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| 88 | 88 | | HB3056 - 2 - LRB103 28882 HLH 55268 b |
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