IL HB1466

Amends the Condominium Property Act to allow condominiums with 20 units or fewer to allocate ownership percentages in common elements based on the square footage of each unit for tax assessment purposes.

The allocation method under the new subsection (d) is separate from and independent of ownership percentages used for common expenses, special assessments, and voting rights.

Requires a two-thirds vote of unit owners at a duly called meeting (or greater vote if required by declaration or bylaws) to authorize the board of managers to implement the alternative tax allocation method.

Applies only to condominium associations with 20 units or less; does not affect larger condominium complexes.

Maintains existing tax assessment provisions requiring each unit to be taxed at rates for the taxing districts where it is physically located, without averaging rates across districts.