IL SB2973

Expands urban decay property tax abatement to include newly remodeled single-family or duplex residential dwelling units, in addition to newly constructed units.

Limits abatement for newly remodeled units to the amount of property taxes attributable to improvements only, with no abatement on land value.

Defines "newly remodeled" as improvements completed not earlier than one year before the municipality orders the abatement for the parcel.

Clarifies that the 20% annual reduction requirement during the last 4 years of abatement applies only to abatements granted before this act's effective date, not future abatements.

Defines zero lot line dwellings such as townhouses as single-family residences for purposes of the abatement program.