HB0805 Summary

• Counties with 3,000,000+ inhabitants must establish a program reducing assessed values of newly-constructed or substantially rehabilitated multifamily rental buildings (7+ units) for 10 years if owners commit at least 15% of units to affordable rents for low-income households.

• Properties with 15-34% affordable units receive a 25% assessed value reduction; properties with 35%+ affordable units receive a 35% reduction, calculated on the current year's assessed value.

• Owners must submit applications with documentation including building permits, proof of code compliance, unit comparability statements, tenant income certifications, and rental schedules to the county assessment officer.

• Reduced valuations are available for properties placed in service on or after January 1, 2015, with applications accepted through December 31, 2031; eligible properties may renew for up to two additional 10-year periods if requirements continue to be met.

• Counties with fewer than 3,000,000 inhabitants may opt-in to the program by county board ordinance; Cook County Class 9 program participants are deemed automatically eligible and cannot receive both reductions in the same assessment year.