IL HB3056

Reduces the assessed value of qualified affordable housing property by 30% for taxable year 2024 and thereafter under the Property Tax Code.

Defines "qualified affordable housing property" as multi-unit residential dwellings with 2-6 units where rent is at or below 60% of area median income and tenants earn at or below the same income threshold.

Requires property owners to submit an annual application to the chief county assessment officer to receive the reduced valuation.

Uses income and rent limits for 60% of area median income as determined by the U.S. Department of Housing and Urban Development and published annually by the Illinois Housing Development Authority.

Takes effect immediately upon becoming law.