Bill > HB2592

This bill amends the Property Tax Code to allow taxing districts to provide property tax relief for certain low-income condominiums. Specifically, after determining property valuation, a taxing district's governing authority can vote to abate (reduce) taxes on "qualified condominium property" by an amount equal to the special assessments imposed by the condominium association during that tax year. A "qualified condominium property" is defined as a condominium located in a low-income community, which is a census tract where at least 50% of households earn no more than 80% of the Area Median Income, and where the condominium association has levied a special assessment for repairs during the tax year. The bill aims to provide financial support to condominium owners in economically disadvantaged areas by offsetting their tax burden with the costs of necessary property maintenance, potentially helping to preserve and improve housing conditions in these communities.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2592&GAID=18&DocTypeID=HB&SessionID=114&GA=104