IL HB1218

Amends the Property Tax Code to add a new category (paragraph 12) allowing taxing districts to abate taxes on property where affordable housing has been or will be constructed in developments mixed with commercial property.

Limits the value of tax abatements under this new provision to a maximum of $500,000 per property.

Requires majority vote approval by the taxing district's governing authority before any abatement can be ordered.

Applies to properties where affordable housing development is combined with commercial use in a single mixed-use project.