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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0257 Introduced , by Rep. Anthony DeLuca SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Contains provisions concerning valuation and taxation of keystone property. Provides that keystone property is property that has had a distinguished past and is a prominent property in the municipality but is not of historical significance or landmark status and meets certain criteria. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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| | HB0257 | | LRB100 04714 HLH 14720 b |
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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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 10-705 as follows:
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| 6 | | (35 ILCS 200/10-705 new) |
| 7 | | Sec. 10-705. Keystone property. |
| 8 | | (a) For the purposes of this Section: |
| 9 | | "Base year" means the last tax year prior to the date |
| 10 | | of the application during which the property was occupied |
| 11 | | and assessed and taxes were collected. |
| 12 | | "Tax year" means the calendar year for which assessed |
| 13 | | value is determined as of January 1 of that year. |
| 14 | | "Keystone property" means property that has had a |
| 15 | | distinguished past and is a prominent property in the |
| 16 | | municipality but is not of historical significance or |
| 17 | | landmark status and meets the following criteria: |
| 18 | | (1) the property contains an existing industrial |
| 19 | | or medical structure consisting of more than 100,000 |
| 20 | | square feet; |
| 21 | | (2) the property is located on a lot, parcel, or |
| 22 | | tract of land that is more than 5 acres in area; |
| 23 | | (3) the industrial or medical structure was |
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| 1 | | originally built more than 30 years prior to the date |
| 2 | | of the application; |
| 3 | | (4) in the case of industrial property, the |
| 4 | | property has been vacant for a period of more than 5 |
| 5 | | consecutive years immediately prior to the date of the |
| 6 | | application; |
| 7 | | (5) in the case of medical property, the property |
| 8 | | became vacant during the 5 years immediately prior to |
| 9 | | the date of the application or is likely to become |
| 10 | | vacant no later than December 31 of the calendar year |
| 11 | | immediately following the year of the application; |
| 12 | | (6) for the base year, the portion of the |
| 13 | | property's property tax liability that is attributable |
| 14 | | to the municipality is in the top 10% when compared |
| 15 | | with the municipal property tax liability for all other |
| 16 | | properties in the municipality for that tax year; and |
| 17 | | (7) the property is not located in a tax increment |
| 18 | | financing district as of the date of the application. |
| 19 | | (b) Beginning on July 1, 2017 and ending on July 1, 2029, |
| 20 | | owners of real property may apply with the municipality in |
| 21 | | which the property is located to have the property designated |
| 22 | | as keystone property. If the property meets the criteria for |
| 23 | | keystone property set forth in subsection (a), then the |
| 24 | | corporate authorities of the municipality may certify the |
| 25 | | property as keystone property for the purposes of promoting |
| 26 | | rehabilitation of vacant property and fostering job creation in |
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| 1 | | the fields of manufacturing, research and development, and |
| 2 | | healthcare. The certification shall be transmitted to the chief |
| 3 | | county assessment officer as soon as possible after the |
| 4 | | property is certified. |
| 5 | | (c) Beginning with the first tax year after the property is |
| 6 | | certified as keystone property and continuing through the |
| 7 | | twelfth tax year after the property is certified as keystone |
| 8 | | property, for the purpose of taxation under this Code, the |
| 9 | | property shall be valued at 33 1/3% of the fair cash value of |
| 10 | | the land, without regard to buildings, structures, |
| 11 | | improvements, and other permanent fixtures located on the |
| 12 | | property. For the first 3 tax years after the property is |
| 13 | | certified as keystone property, the aggregate tax liability for |
| 14 | | the property shall be $75,000. That aggregate tax liability, |
| 15 | | once collected, shall be distributed to the taxing districts in |
| 16 | | which the property is located according to each taxing |
| 17 | | district's proportionate share of that aggregate liability. |
| 18 | | Beginning with the fourth tax year after the property is |
| 19 | | certified as keystone property and continuing through the |
| 20 | | twelfth tax year after the property is certified as keystone |
| 21 | | property, the property's tax liability for each taxing district |
| 22 | | in which the property is located shall be increased over the |
| 23 | | tax liability for the preceding year by the percentage |
| 24 | | increase, if any, in the total equalized assessed value of all |
| 25 | | property in the taxing district.
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| 26 | | Section 99. Effective date. This Act takes effect upon |