Bill > SB1831

This bill amends the Illinois Property Tax Code to allow taxing districts in counties with fewer than 300,000 inhabitants to provide tax abatements for new residential construction developments. Specifically, the bill adds a new provision (section 12) to the existing law that permits local taxing authorities to vote to reduce or eliminate property taxes for properties that are part of newly constructed residential developments in smaller, less populated counties. Tax abatement is a mechanism where local governments can temporarily reduce or eliminate property taxes as an incentive for development or to support economic growth. By targeting counties with smaller populations, the bill aims to encourage residential construction in more rural or less densely populated areas of Illinois. The abatement would be determined by a majority vote of the taxing district's governing authority and would provide financial relief to property owners in new residential developments in these counties. The bill takes effect immediately upon becoming law.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1831&GAID=18&DocTypeID=SB&SessionID=114&GA=104