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Bill > HB3466

IL HB3466

IL HB3466
PROP TX-AFFORDABLE HOUSING

summary

Introduced
02/07/2025
In Committee
03/21/2025
Crossed Over
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 enhance affordable housing initiatives by modifying special assessment programs for residential properties. The legislation extends the existing affordable housing tax incentive program from 2027 to 2037 and provides several key provisions: counties that opt out of the program cannot disqualify properties already approved for reduced valuation, and the special assessment programs will be available to all qualifying residential properties regardless of existing public financing or subsidies. The bill allows properties approved for reduced valuation before December 31, 2037, to maintain their maximum eligibility periods even if the program is not subsequently extended. Counties are now required to make application materials and program requirements publicly available, either on their website or at the county assessment office. The Illinois Housing Development Authority must calculate and publish annual minimum per square foot expenditure requirements for property rehabilitation. The bill also updates terminology, changing "improvements to existing residential real property" to "substantially rehabilitated residential real property" and makes various technical adjustments to clarify and expand the existing affordable housing tax incentive program.

Committee Categories

Budget and Finance

Sponsors (13)

Last Action

Added Co-Sponsor Rep. Aarón M. Ortíz (on 04/22/2025)

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