HB5761 Summary

• Creates new Section 15-57 establishing that property owned by the State, units of local government, or school districts leased to each other remains exempt from taxation, including the leasehold interests.

• Amends Section 15-35 (Schools) to clarify that school property leased to the State, units of local government, or school districts is exempt along with the leasehold interest.

• Amends Section 15-55 (State property) to provide that State property leased to units of local government or school districts remains exempt, and leasehold interests are exempt from taxation.

• Amends Section 15-60 (Taxing district property) to exempt property owned by units of local government leased to the State, other units of local government, or school districts, including leasehold interests.

• Amends Section 15-100 (Public transportation systems) to add new subsection (d-5) exempting property leased to the State, units of local government, or school districts from taxation.

• Adds MABAS (Mutual Aid Box Alarm System) property to Section 15-60's tax exemptions when used for disaster preparedness and response purposes.