IL SB3049

Home rule municipalities may abate property taxes for up to 10 years on newly constructed or newly remodeled single-family or duplex residential units located in areas of urban decay, with abatement applying to all subsequent owners during the abatement period.

Total annual abatement across all parcels in a township cannot exceed 2% of taxes extended by all taxing districts on residential dwelling units of 6 units or less.

For newly remodeled residential units, the abatement amount may not exceed the property taxes attributable to the improvements.

An Abatement Review Board composed of representatives from affected taxing districts must review the proposed ordinance, with a 45-day waiting period before adoption and the Board reporting findings within 30 days of convening.

Abatements must be reduced in 20% increments annually during the final 4 years of the abatement period, and the definition of "newly remodeled" is added to mean improvements completed within one year before the municipality orders the abatement.