IL HB0274

Defines "retirement community" as a community intended and operated for occupancy by persons 55 years of age or older, with at least 80% of occupied units occupied by at least one person 55 years of age or older.

Requires real estate taxes on individual units in retirement communities to be assessed on and paid by the unit owner, not included in association assessments.

Permits only real estate taxes on common areas to be included in association assessments for retirement communities.

Requires common interest communities to provide members with a detailed breakdown of all costs in association assessments, including specific real estate tax information.

Takes effect immediately upon becoming law.