IL SB0253

Expands property tax abatement eligibility in urban decay areas to include newly remodeled single-family or duplex residential dwelling units, in addition to newly constructed units.

For newly remodeled units, limits abatement amount to taxes attributable to improvements only and excludes abatement on land value.

Applies 20% annual reduction increments during the last 4 years of abatement period only to abatements granted before this amendatory act's effective date.

Defines "newly remodeled" as improvements completed not earlier than one year before the municipality orders the abatement for the parcel.

Clarifies that zero lot line dwellings such as townhouses are considered single-family residences for purposes of this abatement program.