IL HB2592

Allows any taxing district to abate property taxes on qualified condominium properties after a majority vote of its governing authority

Limits the abatement amount to no more than the special assessments imposed by the condominium association for repairs during that taxable year

Defines "qualified condominium property" as condos located in low-income communities where the association has imposed a special assessment for repairs

Defines "low-income community" as a census tract where at least 50% of households earn no more than 80% of the Area Median Income

Takes effect immediately upon becoming law