IL HB5035

Amends the Illinois Property Tax Code to create a reduction in assessed value for residential rental properties that include units leased to individuals participating in qualifying income-based rental subsidy programs.

Reduces equalized assessed value by $2,000 multiplied by the number of residential units rented to qualifying income-based rental subsidy program participants.

Requires property owners to submit an application to the county assessment officer by July 1 of each taxable year, with counties authorized to establish alternative submission dates by resolution.

Defines "qualifying income-based rental subsidy program" by reference to the definition in Section 15-178 of the Property Tax Code.

Takes effect immediately upon passage.