Bill Text: IL HB2592 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-02-06 - Referred to Rules Committee [HB2592 Detail]

Download: Illinois-2025-HB2592-Introduced.html

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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
HB2592 LRB104 08528 HLH 18580 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by adding
Section 18-185.25 as follows:
(35 ILCS 200/18-185.25 new)
Sec. 18-185.25. Low-income condominium association
abatement.
(a) Upon a majority vote of its governing authority, 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.
The amount of the abatement may not exceed the special
assessments imposed against the property by the condominium
association during the taxable year.
(b) As used in this Section:
"Low-income community" means a census tract where at least
half of the households have a household income that does not
exceed 80% of the Area Median Income.
"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.

HB2592 - 2 - LRB104 08528 HLH 18580 b
Section 99. Effective date. This Act takes effect upon
becoming law.