IL SB2936

Allows home rule municipalities to abate property taxes for up to 10 years on newly constructed or newly remodeled single-family and duplex residential dwellings in urban decay areas, with abatement extended to subsequent owners.

Limits annual tax abatement to no more than 2% of taxes extended by all taxing districts on residential properties with 6 units or less within the township.

For newly remodeled properties, abatement may not exceed the amount of property taxes attributable to improvements only, with no abatement granted on land value.

Defines "newly remodeled" as improvements completed not earlier than one year before the municipality orders the abatement, and clarifies that zero lot line dwellings and townhouses qualify as single-family residences.

Reduces abatements granted before this act's effective date by 20% increments annually during the last 4 years of the abatement period.