IL SB2304

Creates a 30-year property tax assessment reduction program for newly constructed or rehabilitated multifamily rental buildings with 7+ units that maintain at least 20% affordable units for households at or below 60% of area median income.

Assessment reduction phases down over 30 years: 100% reduction years 1-3, 80% years 4-6, 60% years 7-9, 40% years 10-12, and 20% years 13-30, calculated as difference between current and base year assessed value.

Counties with fewer than 3,000,000 inhabitants may opt out of the program by ordinance, with option to reinstate at later date through county board vote.

Requires non-exempt local governments to hold public hearings before adopting or revising affordable housing plans under the Affordable Housing Planning and Appeal Act.

Property must be placed in service on or after January 1, 2015, with applications accepted through December 31, 2030, and includes special provisions for properties previously enrolled in Cook County's Class 9 program.