Amends the State Finance Act. Creates the Community Housing Reintegration Fund. Provides that moneys in the Fund may be used to provide housing-related costs for eligible persons who are either (i) transitioning out of congregate long-term care settings into less restrictive independent and community-based housing or (ii) facing impending placement in a congregate long-term care facility due to lack of affordable accessible housing. Amends the Property Tax Code. Increases the real estate transfer tax from $0.50 per $500 of valuation to $0.75 per $500 in valuation. Provides that a portion of the proceeds from the real estate transfer tax shall be deposited into the Community Housing Reintegration Fund. Effective immediately.
Amends the State Finance Act. Creates the Community Housing Reintegration Fund. Provides that moneys in the Fund may be used to provide housing-related costs for eligible persons who are either (i) transitioning out of congregate long-term care settings into less restrictive independent and community-based housing or (ii) facing impending placement in a congregate long-term care facility due to lack of affordable accessible housing. Amends the Property Tax Code. Increases the real estate transfer tax from $0.50 per $500 of valuation to $0.75 per $500 in valuation. Provides that a portion of the proceeds from the real estate transfer tax shall be deposited into the Community Housing Reintegration Fund. Effective immediately.
Amends the Property Tax Code. Provides that certain property on which a community-integrated living arrangement is located is entitled to a reduction in its equalized assessed value in an amount equal to the product that results when the number of occupants who use the community-integrated living arrangement as a primary residence is multiplied by $2,000. Provides that property qualifies for the homestead exemption for persons with disabilities even if the person with a disability is not an owner of record of the property or liable for paying property taxes if a family member of the person with a disability meets those criteria. Effective immediately.
Amends the Property Tax Code. Provides that, in the case of residential property that is subject to an application for judgment and sale for delinquent taxes, the county collector shall notify all known occupants of those dwelling units that an application for judgment and sale has been filed with respect to that property.
Amends the State Finance Act. Creates the Community Housing Reintegration Fund. Provides that moneys in the Fund may be used to provide housing-related costs for eligible persons who are either (i) transitioning out of congregate long-term care settings into less restrictive independent and community-based housing or (ii) facing impending placement in a congregate long-term care facility due to lack of affordable accessible housing. Amends the Property Tax Code. Increases the real estate transfer tax from $0.50 per $500 of valuation to $0.75 per $500 in valuation. Provides that a portion of the proceeds from the real estate transfer tax shall be deposited into the Community Housing Reintegration Fund. Effective immediately.
Amends the Illinois Housing Development Act and the Illinois Income Tax Act. Provides that the amount of credits awarded under the affordable housing tax donation program is limited to $41,831,227 in State fiscal year 2027 and shall increase by 10% each fiscal year thereafter (currently, $32,850,352 in State fiscal years 2022 and 2023 increased by 5% each fiscal year thereafter). Provides that the affordable housing donation income tax credit applies through the taxable year ending on December 31, 2036 (currently, December 31, 2026). Effective immediately.
Amends the Counties Code. Provides that specified counties may acquire real property for the purpose of creating or preserving affordable housing for persons making up to 150% of area median income annually. Provides that specified counties may enter into agreements to transfer real property with any unit of local government, any school district, or the State for the purpose of creating or preserving affordable housing for persons making up to 150% of the area median income annually. Provides that specified counties may enter into agreements to donate, lease below market rate, or sell below market rate, real property for the purpose of the creation or preservation of affordable housing for persons making up to 150% of area median income annually. Provides that specified counties may undertake any activity permitted by the Affordable Housing Planning and Appeal Act for the purpose of creating, developing, encouraging the development, or preservation of the development of affordable housing for persons making up to 150% of area median income annually. Provides that specified counties may select purchasers and lessors for properties held by the county, a county land bank, or county land trust. Provides that specified counties may encourage and facilitate the creation of affordable housing within the geographic boundaries of the county, including areas within municipalities, by offering financial incentives, including but not limited to grants and loans, and infrastructure improvements, including but not limited to, stormwater detention, public water and sewer improvements, and similar improvement which facilitate increasing the supply of affordable housing units shall be considered improvements for a public purpose, to developers of affordable housing units. Provides that specified counties may enter into agreements with property owners to engage in clearance and remediation activities. Provides that, as part of an agreement, or in return for an infrastructure improvement, a county may impose a restriction on the title of an affordable housing development subject to the agreement that restricts the income level of inhabitants of all or part of the development.
Amends the Property Tax Code. Provides that provisions allowing a chief county assessment officer to renew the homestead exemption for persons with disabilities without an annual application apply permanently. Effective immediately.
Amends the Property Tax Code. Increases the maximum reduction for the general homestead exemption to $50,000 in counties with 3,000,000 or more inhabitants. Provides that for taxable years 2025 through 2027, the property tax liability for homestead property in Cook County that contains a single-family home or a multi-unit residential dwelling with fewer than 3 units shall not exceed the adjusted property tax liability for the property for the applicable tax year. Effective immediately.
Amends the Property Tax Code. Provides that, if property was granted a homestead exemption for persons with disabilities for any taxable year beginning on or after January 1, 2025, and if the property remains eligible for the exemption in a subsequent consecutive taxable year, then the total property tax liability for the property for the applicable taxable year may not exceed the total property tax liability for (i) taxable year 2025 or (ii) the first year in which the property became eligible for the exemption, whichever occurs later, unless the chief county assessment officer finds that there were substantial improvements made to the property during the previous taxable year or years. Effective immediately.
