Bill Text: IL HB5035 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Creates a reduction in assessed value for property that contains a residential structure that is leased to at least one individual who participates in a qualifying income-based rental subsidy program. Provides that the reduction shall be equal to $2,000 multiplied by the number of residential units on the property that are rented to an individual who participates in a qualifying income-based rental subsidy program. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB5035 Detail]
Download: Illinois-2023-HB5035-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by adding | |||||||||||||||||||
5 | Section 15-178.1 as follows:
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6 | (35 ILCS 200/15-178.1 new) | |||||||||||||||||||
7 | Sec. 15-178.1. Reduction in assessed value for affordable | |||||||||||||||||||
8 | rental housing occupancy. Notwithstanding any other provision | |||||||||||||||||||
9 | of law, each property that contains a residential structure | |||||||||||||||||||
10 | that is leased to at least one individual who participates in a | |||||||||||||||||||
11 | qualifying income-based rental subsidy program is entitled to | |||||||||||||||||||
12 | a reduction in its equalized assessed value in an amount equal | |||||||||||||||||||
13 | to $2,000 multiplied by the number of residential units on the | |||||||||||||||||||
14 | property that are rented to an individual who participates in | |||||||||||||||||||
15 | a qualifying income-based rental subsidy program. | |||||||||||||||||||
16 | To receive the reduction under this Section, the taxpayer | |||||||||||||||||||
17 | shall submit an application to the chief county assessment | |||||||||||||||||||
18 | officer of the county in which the property is located by July | |||||||||||||||||||
19 | 1 of each taxable year. A county may, by resolution, establish | |||||||||||||||||||
20 | a date for submission of applications that is different than | |||||||||||||||||||
21 | July 1. | |||||||||||||||||||
22 | As used in this Section "qualifying income-based rental | |||||||||||||||||||
23 | subsidy program" has the meaning given to that term in Section |
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1 | 15-178.
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