Bill Text: IL HB3841 | 2019-2020 | 101st General Assembly | Introduced


Bill Title: Amends the Property Tax Code. Provides that a Section concerning low-income housing project valuation also applies to residential property that is rented to a formerly incarcerated person. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-22 - Referred to Rules Committee [HB3841 Detail]

Download: Illinois-2019-HB3841-Introduced.html


101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3841

Introduced , by Rep. Delia C. Ramirez

SYNOPSIS AS INTRODUCED:
35 ILCS 200/10-235

Amends the Property Tax Code. Provides that a Section concerning low-income housing project valuation also applies to residential property that is rented to a formerly incarcerated person. Effective immediately.
LRB101 12413 HLH 60491 b
FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

HB3841LRB101 12413 HLH 60491 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5Section 10-235 as follows:
6 (35 ILCS 200/10-235)
7 Sec. 10-235. Low-income housing project valuation policy;
8intent. It is the policy of this State that (i) low-income
9housing projects developed under Section 515 of the federal
10Housing Act, (ii) property that qualifies or that qualify for
11the low-income housing tax credit under Section 42 of the
12Internal Revenue Code, and (iii) residential property that is
13rented to a formerly incarcerated person shall be valued at 33
14and one-third percent of the fair market value of their
15economic productivity to the owners of the projects to help
16insure that their valuation for property taxation does not
17result in taxes so high that rent levels must be raised to
18cover this project expense, which can cause excess vacancies,
19project loan defaults, and eventual loss of rental housing
20facilities for those most in need of them, low-income families
21and the elderly. It is the intent of this State that the
22valuation required by this Division is the closest
23representation of cash value required by law and is the method

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1established as proper and fair.
2 As used in this Section "formerly incarcerated person"
3means a person who (i) has been convicted of, or pled guilty
4to, a crime in this State or any other jurisdiction and (ii)
5was sentenced to a term of imprisonment in a penitentiary for
6one year or more.
7(Source: P.A. 92-16, eff. 6-28-01; 93-533, eff. 1-1-04; 93-755,
8eff. 7-16-04.)
9 Section 99. Effective date. This Act takes effect upon
10becoming law.
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