IL SB3408

Amends the Property Tax Code to create property tax exemptions for land banks established by counties with more than 3,000,000 inhabitants or municipalities within such counties pursuant to an ordinance or intergovernmental agreement.

Exempts land bank property from taxation and provides that leasehold interests in land bank property are not subject to taxation under Section 9-195 for a period of 10 years.

Authorizes abatement of all due or unpaid property taxes and existing tax liens when a county or municipality with a land bank acquires property for land bank purposes.

Adds exemption from State Mandates Act reimbursement requirements for any mandate created by this amendatory act.

Takes effect upon becoming law.