Loading chat...
IL SB1385
Bill
AI Summary
- Amends Property Tax Code Section 18-180 to expand urban decay tax abatement eligibility to include newly remodeled single-family and duplex residential dwelling units, not just newly constructed units
- For newly remodeled properties, limits abatement to the amount of property taxes attributable to the improvements only
- Defines "newly remodeled" as improvements completed not earlier than one year before the municipality orders the abatement for the parcel
- Maintains existing provisions allowing home rule municipalities to abate up to 10 years of taxes on eligible properties in urban decay areas, with total annual abatement not exceeding 2% of taxes extended on residential dwelling units of 6 units or less
- Requires abatement to be reduced by 20% increments annually during the last 4 years of the abatement period
Legislative Description
PROP TX-URBAN DECAY
Last Action
Session Sine Die
1/9/2019
Committee Referrals
Rules5/31/2017
Property Tax5/11/2017
Revenue & Finance5/3/2017
Rules4/26/2017
Revenue2/15/2017
Assignments2/9/2017
Full Bill Text
No bill text available