IL SB3209

Amends Section 15-65 of the Property Tax Code to modify charitable property tax exemption requirements for properties held by limited liability companies.

Removes the requirement that a limited liability company must be a "disregarded entity" for federal and Illinois income tax purposes to qualify for the exemption.

Retains the requirement that the limited liability company's sole members must be institutions of public charity that actually and exclusively use the property for charitable and beneficent purposes.

Maintains the condition that the limited liability company cannot lease the property or use it with a view to profit in order to maintain the exemption.