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
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
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
LRB103 28882 HLH 55268 b
A BILL FOR
HB3056LRB103 28882 HLH 55268 b HB3056 LRB103 28882 HLH 55268 b
HB3056 LRB103 28882 HLH 55268 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by adding
5 Section 15-178.1 as follows:
6 (35 ILCS 200/15-178.1 new)
7 Sec. 15-178.1. Reduction in assessed value for affordable
8 rental housing.
9 (a) For taxable year 2024 and thereafter, the assessed
10 value of qualified affordable housing property shall be
11 reduced by 30%.
12 (b) In order to receive the reduced valuation under this
13 Section, the owner must submit an annual application to the
14 chief county assessment officer for review in the form and by
15 the date required by the chief county assessment officer.
16 (c) As used in this Section:
17 "Maximum income limit" means the maximum regular income
18 limits for 60% of the area median income for the geographic
19 area in which the property is located as determined for
20 multifamily programs by the United States Department of
21 Housing and Urban Development and published annually by the
22 Illinois Housing Development Authority.
23 "Maximum rent" means the maximum regular rent for 60% of
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
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
LRB103 28882 HLH 55268 b
A BILL FOR
35 ILCS 200/15-178.1 new
LRB103 28882 HLH 55268 b
HB3056 LRB103 28882 HLH 55268 b
HB3056- 2 -LRB103 28882 HLH 55268 b HB3056 - 2 - LRB103 28882 HLH 55268 b
HB3056 - 2 - LRB103 28882 HLH 55268 b
1 the area median income for the geographic area in which the
2 multifamily building is located as determined by the United
3 States Department of Housing and Urban Development for
4 multifamily programs and published annually by the Illinois
5 Housing Development Authority.
6 "Qualified affordable housing property" means property
7 containing a multi-unit residential dwelling with no fewer
8 than 2 and no more than 6 residential dwelling units where the
9 rent for each unit is at or below the maximum rent and each
10 unit is occupied by a household with a household income that is
11 at or below the maximum income limit or is available for
12 occupancy by a household with a household income that is at or
13 below the maximum income limit.
14 Section 99. Effective date. This Act takes effect upon
15 becoming law.
HB3056 - 2 - LRB103 28882 HLH 55268 b