Bill > HB1829

This bill amends the Freedom of Information Act and the Property Tax Code to establish new requirements for income-producing property owners regarding property descriptions and information disclosure. Specifically, in counties where the county board adopts an ordinance, owners of income-producing properties (defined as non-owner-occupied properties intended to generate income) will be required to file detailed physical descriptions of their properties with the chief county assessment officer when requested. The physical description must include specific details depending on the property type, such as land size, construction details, number of units, amenities, and other relevant characteristics. The bill defines income-producing properties with several exemptions, including properties valued under $500,000, residential properties with fewer than 7 units, and certain types of institutional properties. Property owners will receive a notice specifying existing information and have 90 days to respond or confirm the details. Failure to respond may result in a penalty of up to 0.025% of the property's prior year market value, not exceeding $1,000 per property. The bill also modifies the Freedom of Information Act to exempt financial records and data related to real estate income, expenses, and occupancy submitted to county assessment officers from public disclosure, except when submitted as part of an assessment appeal. The provisions will be implemented gradually, with different timelines for counties based on their population size, and the requirements are set to be adopted no later than December 31, 2029.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1829&GAID=18&DocTypeID=HB&SessionID=114&GA=104