Bill > HB5464

This bill amends the Property Tax Code and the Freedom of Information Act to allow county assessment officers to request physical descriptions of income-producing properties from their owners. "Income-producing property" is defined as property not occupied by the owner and owned for generating income, with certain exceptions like properties valued at $500,000 or less, smaller residential buildings, and specific types of institutional or industrial properties. "Physical description" includes details about the property's land, construction, size, and specific features relevant to its use (e.g., unit types for residential, rentable area for retail, electrical capacity for data centers). Owners will be notified of the request and provided with existing information on file, with the option to confirm it if no changes are needed. If an owner fails to respond within 90 days, they may face a penalty of up to 0.025% of the property's prior year market value, capped at $1,000, though this penalty can be waived if the information is provided within 30 days of notification of failure to file, or if the owner demonstrates good faith efforts. The bill also exempts financial records and data related to real estate income, expenses, and occupancy submitted to a chief county assessment officer from public disclosure under the Freedom of Information Act, unless it's part of an assessment appeal, though compiled and anonymized data used for property valuation remains accessible.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5464&GAID=18&DocTypeID=HB&SessionID=114&GA=104