PROP TX-REDUCED ASSESSED VALUE Senate SponsorsSen. Ann Gillespie-Sara Feigenholtz House Sponsors(Rep. Will Guzzardi) 5/20/2022SenatePublic Act . . . . . . . . . 102-0893 35 ILCS 200/15-178Amends the Property Tax Code. Provides that to receive a reduction in assessed value, an owner, for the purpose of the initial application and only until the building is put in service, may provide proof of either a deed restriction or participation in a government program that includes legally enforceable affordability requirements comparable to the requirements of this Code and the chief county assessment officer shall furnish a letter of intent to the applicant indicating that a preliminary assessment of the new construction or qualifying rehabilitation indicates that it will meet all eligibility requirements. Modifies "assessed value for the residential real property in the base year" to mean the assessed value used to calculate the tax bill, as certified by the Board of Review, for the tax year immediately prior to the tax year in which the building permit is issued; for property assessed as other than residential property, the "assessed value for the residential real property in the base year" means the assessed value that would have been obtained had the property been classified as residential as derived from the Board of Review's certified market value (currently, the value in effect at the end of the taxable year prior to the latter of: (1) the date of initial application; or (2) the date on which 20% of the total number of units in the property are occupied by eligible tenants paying eligible rent). Modifies "maximum income limits" to include when a property may be deemed to have satisfied the maximum income limits with a weighted average if municipal, state, or federal laws, ordinances, rules or regulations requires the use of a weighted average of no more than 60% of area median income for that property. Modifies "maximum rent" to include that a property may be deemed to have satisfied the maximum rent with a weighted average if municipal, state, or federal laws, ordinances, rules or regulations requires the use of a weighted average of no more than 60% of area median income for that property.Senate Committee Amendment No. 1 Removes provisions from the introduced bill providing that the owner may provide proof of either a deed restriction or participation in a government program that includes certain legally enforceable affordability requirements. Provides that the bill is effective immediately. 1/21/2022SenateFiled with Secretary by Sen. Ann Gillespie 1/21/2022SenateFirst Reading 1/21/2022SenateReferred to Assignments 1/27/2022SenateAdded as Chief Co-Sponsor Sen. Sara Feigenholtz 2/1/2022SenateAssigned to Revenue 2/7/2022SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ann Gillespie 2/7/2022SenateSenate Committee Amendment No. 1 Referred to Assignments 2/8/2022SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 2/9/2022SenateSenate Committee Amendment No. 1 Adopted 2/10/2022SenateDo Pass as Amended Revenue; 011-000-000 2/10/2022SenatePlaced on Calendar Order of 2nd Reading February 15, 2022 2/15/2022SenateSecond Reading 2/15/2022SenatePlaced on Calendar Order of 3rd Reading February 16, 2022 2/16/2022SenateThird Reading - Passed; 053-000-000 2/16/2022HouseArrived in House 2/17/2022HouseChief House Sponsor Rep. Michael J. Zalewski 2/17/2022HouseFirst Reading 2/17/2022HouseReferred to Rules Committee 3/7/2022HouseAssigned to Revenue & Finance Committee 3/17/2022HouseDo Pass / Short Debate Revenue & Finance Committee; 018-000-000 3/17/2022HousePlaced on Calendar 2nd Reading - Short Debate 3/23/2022HouseSecond Reading - Short Debate 3/23/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/25/2022HouseAlternate Chief Sponsor Changed to Rep. Will Guzzardi 4/1/2022HouseThird Reading - Short Debate - Passed 109-000-000 4/1/2022SenatePassed Both Houses 4/29/2022SenateSent to the Governor 5/20/2022SenateGovernor Approved 5/20/2022SenateEffective Date May 20, 2022 5/20/2022SenatePublic Act . . . . . . . . . 102-0893