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Amends the Property Tax Code. In a Section regarding property tax exemptions for charitable purposes, provides that property held by a charitable organization for the purpose of constructing or rehabilitating residences for eventual transfer to qualified low-income families through sale, lease, or contract for deed is exempt from property tax as a charitable purpose. Provides that the exemption commences on the day title to the property is transferred to the organization and continues to the end of the levy year in which the organization transfers title to the property to a qualified low-income family. Effective immediately.
Introduced
Jan 9, 2025
Last Action
Mar 21, 2025
Session
IL 104th
Sponsors
1 primary · 0 co
Rule 19(a) / Re-referred to Rules Committee
To Property Tax Subcommittee
Assigned to Revenue & Finance Committee
First Reading
Referred to Rules Committee
Prefiled with Clerk by Rep. Maurice A. West, II
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Rule 19(a) / Re-referred to Rules Committee
Maurice A. West, II