Bill > SB3003

This bill amends the Property Tax Code and the Freedom of Information Act to require owners of income-producing properties, in counties that adopt this provision by ordinance or resolution, to provide physical descriptions of their properties to the chief county assessment officer upon request, with specific details outlined for different property types. "Income" is defined as revenue generated from rent and certain ancillary sources, excluding business income. "Income-producing property" generally refers to non-owner-occupied property intended to generate income, with exceptions for properties valued at $500,000 or less, residential buildings with fewer than seven units, certain stadiums, properties assessed by the Department, and specific hospital or nursing home facilities. "Physical description" includes land size, construction details, and specific features relevant to the property type, such as unit breakdown for residential buildings or electrical capacity for data centers. The request for information will include what the assessor's office already has on record, allowing owners to confirm it if unchanged, and owners have 90 days to respond, with penalties of up to 0.025% of the prior year's market value (capped at $1,000) for non-compliance, though penalties can be waived if the information is provided within 30 days of notice. The bill also amends the Freedom of Information Act to exempt financial records and data related to real estate income, expenses, and occupancy submitted to a chief county assessment officer from public disclosure, unless part of an assessment appeal, while still allowing for the disclosure of compiled and anonymized data and the methodologies used for property valuation. The provisions related to property descriptions are set to take effect immediately.

https://www.ilga.gov/Legislation/BillStatus?DocNum=3003&GAID=18&DocTypeID=SB&SessionID=114&GA=104