Bill > SB2030

This bill amends the Freedom of Information Act and the Property Tax Code to create new requirements for owners of income-producing properties in Illinois counties. Specifically, the bill allows counties to require owners of income-producing properties (such as multi-unit residential buildings, offices, retail spaces, and industrial properties) to submit detailed physical descriptions of their properties to the county assessment officer upon request. The physical description must include specific details like land size, building characteristics, amenities, and other property-specific information. Properties valued under $500,000, residential properties with fewer than 7 units, and certain specialized properties (like hospitals and nursing homes) are exempt. If a property owner fails to respond to a request for information within 90 days, they may be subject to a penalty of up to 0.025% of the property's prior year market value, not exceeding $1,000. The bill also adds a provision to the Freedom of Information Act that exempts financial records and data related to real estate income, expenses, and occupancy from public disclosure, except when submitted as part of an assessment appeal. The bill is designed to help county assessment officers gather more accurate and comprehensive information about income-producing properties to support more precise property valuation.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2030&GAID=18&DocTypeID=SB&SessionID=114&GA=104