Bill > HB1827

This bill amends the Property Tax Code to establish new requirements for income-producing properties in Illinois counties, focusing on the submission of annual income and expense data to county assessment officers. Specifically, in counties with 3 million or more inhabitants (like Cook County), property owners or lessees must submit detailed income and expense data to the chief county assessment officer by July 1 each year, with the first submission due by September 1 following the bill's enactment. In counties with fewer than 3 million inhabitants, the county board may opt to require similar submissions by March 31. The bill provides comprehensive definitions for terms like "income-producing property," "expenses," and "income," and establishes specific exemptions, such as properties with a market value of $500,000 or less, residential properties with 6 or fewer units, and certain types of hospital and healthcare facilities. The legislation mandates electronic submission of data, imposes penalties for non-compliance (up to $10,000 per property), and includes strict provisions for data privacy and confidentiality. Furthermore, the bill requires chief county assessment officers to compile and anonymize the submitted data for use in mass property appraisals and to produce annual reports documenting the impact of this new data collection process on property assessments.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1827&GAID=18&DocTypeID=HB&SessionID=114&GA=104