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IL HB5097
Bill
Status
Introduced
1/27/2022
Primary Sponsor
Rita Mayfield
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AI Summary
- Indoor shopping mall owners in counties with property classification systems may apply to have their property taxed at the same rate as warehouses, which typically carry a lower tax burden
- To qualify for the warehouse classification, mall owners must offer rent to all tenants at below-market rates for commercial space in the geographic area, as determined by the chief county assessment officer
- The chief county assessment officer is responsible for determining both eligibility and what constitutes below-market rent for commercial space
- The bill preempts home rule authority, preventing local governments from regulating property taxation in ways inconsistent with this provision
- Amends the Property Tax Code by adding a new Division 21 to Article 10 specifically addressing indoor shopping malls
Legislative Description
PROP TX-INDOOR MALL
Last Action
Rule 19(a) / Re-referred to Rules Committee
2/18/2022
Committee Referrals
Rules2/18/2022
Property Tax2/15/2022
Revenue & Finance2/9/2022
Rules1/27/2022
Full Bill Text
No bill text available