SB3529 Summary

• Amends the Property Tax Code to establish a special assessment program reducing assessed values for newly-constructed or substantially rehabilitated multifamily rental buildings with 7+ units that commit to keeping at least 15% of units affordable for 10 years.

• Counties with 3+ million inhabitants must implement the program; smaller counties may opt in or out by ordinance; property owners receive 25% assessed value reduction for 15-35% affordable units or 35% reduction for 35%+ affordable units.

• Affordable units must have rents and tenant incomes at or below 60% of area median income limits as determined by the U.S. Department of Housing and Urban Development, with rents consistent with Illinois Housing Development Authority rules.

• Property owners must submit detailed applications including ownership documentation, proof of construction/rehabilitation completion, building code compliance, unit affordability certification, and tenant income verification; the chief county assessment officer reviews and approves applications.

• Reduced valuation applies for up to 30 years total (initial 10-year period renewable for two additional 10-year periods) if owners maintain annual certification requirements; Cook County Class 9 program participants are automatically eligible; the Act becomes effective immediately.