Bill Text: IL HB5284 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Creates an abatement for property located in a blighted area if the owner of the property enters into an agreement with the corporate authorities of the municipality in which the property is located for the renovation, demolition, or improvement of the property. Provides that the abatement shall apply for a period of 10 years and may be extended for an additional 10 years if the chief county assessment officer finds that the property owner has made a good faith effort to renovate, demolish, or improve the property. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB5284 Detail]

Download: Illinois-2019-HB5284-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5284 Introduced , by Rep. Chris Miller SYNOPSIS AS INTRODUCED:
35 ILCS 200/18-184.15 new
Amends the Property Tax Code. Creates an abatement for property located in a blighted area if the owner of the property enters into an agreement with the corporate authorities of the municipality in which the property is located for the renovation, demolition, or improvement of the property. Provides that the abatement shall apply for a period of 10 years and may be extended for an additional 10 years if the chief county assessment officer finds that the property owner has made a good faith effort to renovate, demolish, or improve the property. Effective immediately.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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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 18-184.15 as follows:
(35 ILCS 200/18-184.15 new)
Sec. 18-184.15. Revitalization abatement.
(a) For assessment year 2021 and thereafter, the corporate
authorities may, by ordinance, designate one or more blighted
areas within the municipality. If the owner of any property
located within a designated blighted area enters into an
agreement with the corporate authorities of the municipality
for the renovation, demolition, or improvement of blighted
property, then the corporate authorities of the municipality
may order the county clerk to abate a portion of the taxes
levied by the municipality and any other taxing district on
that property. The amount of the abatement may not exceed the
difference between (i) the amount of property taxes paid with
respect to that property in the base year and (ii) the amount
of property taxes that would otherwise be due in the current
assessment year. An abatement adopted under this Section shall
be extended to all subsequent owners of an eligible property
during the abatement period. The abatement shall apply for a

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period of 10 years and may be extended for an additional 10
years if the chief county assessment officer finds that the
property owner has made a good faith effort to renovate,
demolish, or improve the property.
(b) Before final adoption of an abatement ordinance under
this Section, the governing authority of the municipality shall
notify each affected taxing district of the pending ordinance
by mail. The governing authority of each affected taxing
district shall, within 10 days after the ordinance is proposed,
appoint one member to serve on an Abatement Review Board to
review the terms and conditions of the proposed abatement
ordinance. The Board shall be convened by the mayor or village
president of the municipality considering the abatement
ordinance. The ordinance shall be adopted not less than 45 days
after the Board is convened. Failure to appoint a member to the
Board does not affect work of the Board. The Board shall report
the findings and conclusions to the governing authority of the
municipality not later than 30 days after it is convened.
(c) As used in this Section, "base year" means the
assessment year prior to the assessment year in which the
taxpayer enters into an agreement with the corporate
authorities of the municipality.
Section 99. Effective date. This Act takes effect upon
becoming law.