IL HB0159

Adds Section 10-705 to the Property Tax Code to establish a "keystone property" designation for eligible properties in Park Forest (Cook and Will Counties).

Qualifies properties with 100,000+ square feet of industrial structure, 5+ acres of land, built 30+ years ago, vacant 5+ consecutive years, and not in a tax increment financing district.

Allows property owners to apply for keystone designation between July 1, 2017 and July 1, 2029; municipal corporate authorities certify eligible properties to promote rehabilitation and job creation in manufacturing and research/development.

For the first 3 tax years after certification, designated properties have aggregate tax liability capped at $75,000 distributed proportionately to taxing districts; property valued at 33⅓% of fair cash value of land only (excluding buildings and improvements).

Beginning in year 4 through year 12 after certification, tax liability increases annually by the same percentage as the total equalized assessed value increase in each taxing district.