Bill Title: Amends the Property Tax Code. Provides that certain property located in Bloom, Bremen, Calumet, Rich, Thornton, or Worth Township may be certified by the South Suburban Land Bank and Development Authority, the Cook County Land Bank Development Authority, or both collectively, as a southland reactivation site. Sets forth valuation procedures for southland reactivation property. Provides that, for the first 3 tax years after the property is certified as southland reactivation property, the aggregate tax liability for the property shall be no greater than $100,000 per year. Provides that, beginning with the fourth tax year after the property is certified as southland reactivation property and continuing through the twelfth tax year after the property is certified as southland reactivation property, the property's tax liability shall be increased over the tax liability for the preceding year by 5% or the percentage change in the Consumer Price Index, whichever is less. Effective immediately.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3350 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Elgie Sims [D]	Primary	Sponsored Bills	SD-017	FollowTheMoney	Ballotpedia	VoteSmart
Senator William Cunningham [D]	Cosponsor	Sponsored Bills	SD-018	FollowTheMoney	Ballotpedia	VoteSmart
Senator Emil Jones [D]	Cosponsor	Sponsored Bills	SD-014	FollowTheMoney	Ballotpedia	VoteSmart
Senator Patrick Joyce [D]	Cosponsor	Sponsored Bills	SD-040	FollowTheMoney	Ballotpedia	VoteSmart

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