IL SB3350

Amends Illinois Property Tax Code to create "Southland reactivation property" designation for vacant or underutilized commercial/industrial properties held by the South Suburban Land Bank and Development Authority or Cook County Land Bank Development Authority in six specified Cook County townships (Bloom, Bremen, Calumet, Rich, Thornton, Worth).

Qualifying properties must be municipally designated as priority tax reactivation parcels, have cleared past taxes, be vacant for 12+ months, and require certification by participating entities within 5 years of the bill's effective date.

For the first 3 tax years after certification, aggregate annual tax liability is capped at $100,000; years 4-12 limit annual tax increases to the lesser of 5% or the Consumer Price Index change.

Participating entities must annually collect and report data on applicants, project locations, proposed uses, investment amounts, and job creation to evaluate program effectiveness and present findings to local governments and the General Assembly.

Certification is nonrenewable and limited to the original applicant unless the municipality approves otherwise and there is no change in property use.