IL HB1842

Amends the Property Tax Code to create a "Southland reactivation property" designation for vacant or abandoned commercial and industrial properties in six Cook County townships (Bloom, Bremen, Calumet, Rich, Thornton, Worth).

Properties must be designated by municipal resolution, held by the South Suburban Land Bank and Development Authority or Cook County Land Bank Authority, and meet criteria including prior tax clearance, 12+ months of vacancy, and approved redevelopment plans.

Certified properties receive a 50% reduction in assessed value for 12 tax years following certification, with the first year's aggregate tax liability capped at $100,000 annually, then increasing by 10% each subsequent year.

Participating entities must collect and annually report data on applicants, project locations, investments, and job creation to affected taxing districts and the General Assembly.

Certification is nonrenewable, limited to original applicants unless expressly approved by the municipality, and becomes void if the property is conveyed to an entity with unpaid delinquent property taxes.