IL HB2596

Creates a revitalization abatement in the Property Tax Code allowing municipal corporate authorities to designate blighted areas within their jurisdiction starting in assessment year 2023.

Property owners who enter into agreements with municipal authorities for renovation, demolition, or improvement of blighted properties may receive tax abatements on municipal taxes and other taxing district levies.

Abatement amount cannot exceed the difference between property taxes paid in the base year and taxes otherwise due in the assessment year for which abatement is sought.

Abatements apply for 20 years and extend to all subsequent owners of eligible property during the abatement period.

Requires municipal governing authorities to notify affected taxing districts of pending abatement ordinances and establish an Abatement Review Board with representatives from each affected district; ordinance adoption must occur at least 45 days after board convening.