IL SB1225

Amends the Property Tax Code to allow common areas in residential developments assessed to separate owners on separately identified parcels to be listed at $1 per year for assessment purposes.

In counties with 3,000,000 or more inhabitants, persons seeking a $1 assessment for common area status must submit an application to the assessor within the timeframe specified in Section 14-35.

In counties with fewer than 3,000,000 inhabitants, the chief county assessment officer may require an application for $1 common area assessment to be submitted by June 30 of the year for which the assessment is sought.

Property owners must notify the assessor in writing within 30 days of any change in ownership or use of a $1 assessed parcel; failure to notify may result in the property being treated as omitted property.

Objections to denial of $1 assessment or failure to receive such assessment are limited to proceedings under Sections 21-175 and 23-5, and only if an application was previously made under the bill's requirements.