IL HB3245

Allows municipalities to designate areas as "blighted" and grant property tax abatements to owners who agree to renovate, demolish, or improve properties in those areas, beginning with assessment year 2025

Abatements can cover taxes from both the municipality and other taxing districts, lasting for a period of 20 years and transferring to subsequent property owners

Limits the abatement amount to the difference between property taxes paid in the base year (year before the agreement) and the taxes that would otherwise be owed in the current assessment year

Requires municipalities to notify all affected taxing districts before adopting an abatement ordinance; each district may appoint a member to an Abatement Review Board that has 30 days to report findings

The ordinance cannot be adopted until at least 45 days after the Abatement Review Board is convened