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Bill > SB1911

IL SB1911

IL SB1911
PROP TX-AFFORDABLE HOUSING

summary

Introduced
02/06/2025
In Committee
06/01/2025
Crossed Over
05/08/2025
Passed
Dead

Introduced Session

104th General Assembly

Bill Summary

Amends the Property Tax Code. Provides that a county opting out of the special assessment programs to reduce the assessed value of certain residential real property shall not disqualify or shorten the maximum eligibility periods for any property approved to receive a reduced valuation prior to the county opting out. Requires that the special assessment programs be available to all qualifying residential real property regardless of whether or not the property has or is currently receiving any other public financing or subsidies or subject to any regulatory agreements with any public entity, or both. If an owner is approved for the reduced valuation prior to December 31, 2037 and the provisions are not subsequently extended, this shall not disqualify or shorten the maximum eligibility periods for any property approved to receive a reduced valuation. Provides that, if the chief county assessment officer has not created application forms, the chief county assessment officer shall make publicly available and accept applications forms that shall be available to local governments from the Illinois Department of Revenue. If a county Internet website exists, the application materials, as well as any other program requirements used by the county (such as application deadlines, fees, and other procedures required by the application) must be published on that website, otherwise it must be available to the public upon request at the office of the chief county assessment officer. On an annual basis, requires the Illinois Housing Development Authority to calculate and make available on its website the minimum per square foot expenditure requirements to be applicable statewide to be eligible for the reduced valuation, which shall include the historical annual expenditure requirements starting with calendar year 2021. Changes reference to improvements to existing residential real property to substantially rehabilitated residential real property. Makes other changes.

AI Summary

This bill amends the Property Tax Code to provide a special assessment program for affordable housing in Illinois. The bill allows counties to implement programs that reduce property taxes for residential properties that meet specific affordability requirements. Importantly, the bill extends the program's eligibility period to December 31, 2034, and ensures that properties already approved for reduced valuation will not lose their status if a county opts out of the program. The bill defines a "qualifying development" as a newly constructed or substantially rehabilitated multifamily building with at least 7 rental units, with special provisions for larger portfolios in counties with over 3 million inhabitants. Property owners can receive tax reductions of 25% to 35% of the assessed value if they commit to keeping a certain percentage of units affordable for low-income households. To qualify, property owners must submit detailed applications proving their compliance with affordability requirements, including documentation of household incomes, rents, and building improvements. The bill also introduces a mechanism for annual adjustment of rehabilitation expenditure requirements using the Consumer Price Index-U, and provides flexibility for properties participating in various income-based rental subsidy programs. The overall goal is to incentivize the creation and maintenance of affordable rental housing across Illinois by offering property tax benefits to developers and owners who provide housing for low-income residents.

Committee Categories

Budget and Finance, Government Affairs

Sponsors (23)

Last Action

Rule 19(a) / Re-referred to Rules Committee (on 06/01/2025)

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