IL HB1829

Requires owners of income-producing properties (valued over $500,000 with 7+ residential units or commercial properties) to file physical descriptions with the county assessor upon request, including details on building size, construction type, number of units, and property-specific features like loading docks or conference space

Exempts certain properties from the reporting requirement, including residential properties with fewer than 7 units, hospitals, nursing homes, properties assessed under special provisions (railroads, utilities), and owner-occupied properties

Imposes penalties up to 0.025% of market value (maximum $1,000 per property) for failure to respond within 90 days, with the penalty waived if the owner responds within 30 days of receiving a failure-to-file notice

Adds a new exemption to the Freedom of Information Act protecting financial records related to real estate income, expenses, and occupancy submitted to county assessors from public disclosure, except when submitted as part of an assessment appeal

Applies only in counties where the county board adopts an ordinance or resolution by December 31, 2029, with reporting requirements expiring 2-4 years after adoption depending on the county's assessment cycle