IL HB0043

Creates "southland reactivation property" designation for vacant commercial or industrial properties in Bloom, Bremen, Calumet, Rich, Thornton, or Worth Townships in Cook County that are held by the South Suburban Land Bank and Development Authority

Property must be certified within 5 years of the Act's effective date, with consent from the municipalities where the property is located

Certified properties are valued at 33 1/3% of the fair cash value of the land only, excluding buildings, structures, and improvements, for 12 tax years

Caps aggregate property tax liability at $75,000 maximum for the first 3 tax years after certification

Beginning in year 4 through year 12, tax liability increases annually by the percentage increase in total equalized assessed value of all property in each taxing district