Illinois 2025-2026 Regular Session

Illinois House Bill HB2592 Compare Versions

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

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1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2592 Introduced , by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-185.25 new Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately. LRB104 08528 HLH 18580 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2592 Introduced , by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED: 35 ILCS 200/18-185.25 new 35 ILCS 200/18-185.25 new Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately. LRB104 08528 HLH 18580 b LRB104 08528 HLH 18580 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2592 Introduced , by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/18-185.25 new 35 ILCS 200/18-185.25 new
4	4	35 ILCS 200/18-185.25 new
5	5	Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately.
6	6	LRB104 08528 HLH 18580 b LRB104 08528 HLH 18580 b
7	7	LRB104 08528 HLH 18580 b
8	8	A BILL FOR
9	9	HB2592LRB104 08528 HLH 18580 b HB2592 LRB104 08528 HLH 18580 b
10	10	HB2592 LRB104 08528 HLH 18580 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by adding
15	15	5 Section 18-185.25 as follows:
16	16	6 (35 ILCS 200/18-185.25 new)
17	17	7 Sec. 18-185.25. Low-income condominium association
18	18	8 abatement.
19	19	9 (a) Upon a majority vote of its governing authority, any
20	20	10 taxing district may, after the determination of the assessed
21	21	11 valuation of its property, order the county clerk to abate any
22	22	12 portion of its taxes on any qualified condominium property.
23	23	13 The amount of the abatement may not exceed the special
24	24	14 assessments imposed against the property by the condominium
25	25	15 association during the taxable year.
26	26	16 (b) As used in this Section:
27	27	17 "Low-income community" means a census tract where at least
28	28	18 half of the households have a household income that does not
29	29	19 exceed 80% of the Area Median Income.
30	30	20 "Qualified condominium property" means a condominium that
31	31	21 is located in a low-income community and with respect to which
32	32	22 the condominium association has imposed a special assessment
33	33	23 for repairs during the taxable year.
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2592 Introduced , by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/18-185.25 new 35 ILCS 200/18-185.25 new
39	39	35 ILCS 200/18-185.25 new
40	40	Amends the Property Tax Code. Provides that any taxing district may, after the determination of the assessed valuation of its property, order the county clerk to abate any portion of its taxes on any qualified condominium property. Provides that the amount of the abatement may not exceed the special assessments imposed against the property by the condominium association during the taxable year. Provides that "qualified condominium property" means a condominium that is located in a low-income community and with respect to which the condominium association has imposed a special assessment for repairs during the taxable year. Effective immediately.
41	41	LRB104 08528 HLH 18580 b LRB104 08528 HLH 18580 b
42	42	LRB104 08528 HLH 18580 b
43	43	A BILL FOR
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