reglab/housing_qa huggingface dataset:
35 ILCS 200/10-240
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-240.     Definition of Section 515 low-income housing projects.     "Section 515 low-income housing projects" mean rental apartment facilities  (i) developed and managed under a United States Department of Agriculture  Rural Rental Housing Program designed to provide affordable housing to low  to moderate income families and seniors in rural communities with  populations under 20,000, (ii) that receive a subsidy in the form of a 1%  loan interest rate and a 50-year amortization of the mortgage, (iii) that  would not have been built without a Section 515 interest credit subsidy, and  (iv) where the owners of the projects are limited to an annual profit of an  8% return on a 5% equity investment, which may result in a modest cash flow  to owners of the projects unless actual expenses, including property taxes,  exceed budget projections, in which case no profit may be realized.    (Source: P.A. 91-651, eff. 1-1-00; 92-16, eff. 6-28-01.)
35 ILCS 200/10-245
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-245. Method of valuation of low-income housing projects. Notwithstanding Section 1-55 and except in counties with a population of more  than 200,000 that classify property for the purposes of taxation, to determine  33 and one-third percent of the fair cash value of any low-income housing  project developed under the Section 515 program or that qualifies for the low-income housing tax credit under Section 42  of the Internal Revenue Code, in assessing the project, local assessment  officers must consider the actual or probable net operating income attributable  to the property, using a vacancy rate of not more than 5%, capitalized at normal  market rates. The interest rate to be used in developing the normal market  value capitalization rate shall be one that reflects the prevailing cost of  cash for other types of commercial real estate in the geographic market in  which the low-income housing project is located.       (Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04; 94-1086, eff. 1-19-07.)
35 ILCS 200/10-250
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-250. Certification procedure and effective date of  implementation.(a) After (i) an application for a Section 515 low-income housing project  certificate is filed with the State Director of  the United States Department of Agriculture Rural Development Office in a  manner and form prescribed in  regulations issued by the office and (ii) the certificate is issued certifying  that the housing is a Section 515 low-income housing project as defined in  Section 2 of this Act, the certificate must be presented to the appropriate  local assessment officer to receive the property assessment valuation under  this Division. The local assessment officer must assess the property according  to this Act.  Beginning on January 1, 2000, all certified  Section 515 low-income housing  projects shall be assessed in accordance with Section 10-245.(b) Beginning with taxable year 2004, all low-income housing projects  that qualify for the low-income housing tax credit under Section 42 of the  Internal Revenue Code  shall be  assessed in accordance with Section 10-245 if the owner or owners of the  low-income  housing project certify to the appropriate local assessment officer that the  owner or owners  qualify for the low-income housing tax credit under Section 42 of the  Internal Revenue Code for the property.       (Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04.)
35 ILCS 200/10-255
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-255.     Rules.     The Department of Revenue may adopt rules to implement  and administer this Division.    (Source: P.A. 91-651, eff. 1-1-00.)
35 ILCS 200/10-260
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-260. Low-income housing. In determining the fair  cash value of property receiving benefits from the Low-Income Housing Tax  Credit authorized by Section 42 of the Internal Revenue Code, 26 U.S.C. 42,  emphasis shall be given to the income approach.In counties with more than 3,000,000 inhabitants, during a general reassessment year in accordance with Section 9-220 or at such other time that a property is reassessed, to determine the fair cash value of any low-income housingproject that qualifies for the Low-Income Housing Tax Creditunder Section 42 of the Internal Revenue Code: (i) in assessing any building with 7 or more units, the assessment officer must consider the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties; and (ii) in assessing any building with 6 units or less, the assessment officer, prior to finalizing and certifying assessments to the Board of Review, shall reassess the building considering the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties. The capitalization rate for items (i) and (ii) shall be one that reflects the prevailing cost of capital for other types of similarly encumbered Section 42 properties in the geographic market in which the low-income housing project is located.All low-income housing projects that seek to be assessed in accordance with the provisions of this Section shall certify to the appropriate local assessment officer that the owner or owners qualify for the Low-Income Housing Tax Credit under Section 42 of the Internal Revenue Code for the property, in a form prescribed by that assessment officer. (Source: P.A. 102-175, eff. 7-29-21.)
35 ILCS 200/Art. 10 Div. 12 heading
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

 Division 12.      Veterans organization property
35 ILCS 200/10-300
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-300. Veterans organization assessment freeze.(a) For the taxable year 2000 and thereafter, the assessed value of real  property owned and used by a veterans organization chartered under federal law,  on which is located the principal building for the post, camp, or chapter, and, for taxable years 2004 and thereafter, the assessed value of real property owned by such an organization and used by the organization's members and guests for parking at the principal building for the post, camp, or chapter, must  be frozen by the chief county assessment officer at (i) 15%  of the 1999 assessed value of the property for property that qualifies for the  assessment freeze in taxable year 2000 or (ii) 15% of the assessed value of the  property for the taxable year that the property first qualifies for the  assessment freeze after taxable year 2000.  If, in any year, improvements or  additions are made to the property that would increase the assessed value of  the property were it not for this Section, then 15% of the assessed value of  such improvements shall be added to the assessment of the property for that  year and all subsequent years the property is eligible for the freeze.(b) The veterans organization must annually submit an application to the  chief county assessment officer on or  before (i) January 31 of the assessment  year in counties with a population of 3,000,000 or more and (ii) December 31 of  the assessment year in all other counties.  The initial application must  contain the information required by the Department of Revenue, including (i)  a copy of the organization's congressional charter,  (ii) the location or  description of the property on which is located the principal building for  the post, camp, or chapter, (iii) a written instrument evidencing that the  organization is the record owner or has a legal or equitable interest in the  property, (iv) an affidavit that the organization is liable for paying the real  property taxes on the property, and (v) the signature of the organization's  chief presiding officer.  Subsequent applications shall include any changes in  the initial application and shall be signed by the organization's chief  presiding officer.  All applications shall be notarized.(c) This Section shall not apply to parcels exempt under Section 15-145.       (Source: P.A. 92-16, eff. 6-28-01; 93-753, eff. 7-16-04.)
35 ILCS 200/Art. 10 Div. 13 heading
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

 Division 13.      Fraternal organization property
35 ILCS 200/Art. 10 Div. 14 heading
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

 Division 14.  Valuation of certain leases of exempt property  (Source: P.A. 94-974, eff. 6-30-06.)
35 ILCS 200/10-365
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-365. U.S. Military Public/Private Residential Developments. Unless otherwise agreed to pursuant to a separate settlement agreement pursuant to Section 10-385 of this Code, PPV Leases must be classified and valued as set forth in Sections 10-370 through 10-380 during the period beginning January 1, 2006 and ending December 31, 2055.  (Source: P.A. 99-738, eff. 8-5-16; 100-456, eff. 8-25-17.)
35 ILCS 200/10-370
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-370. Definitions. For the purposes of this Division 14:(a) "PPV Lease" means a leasehold interest in property that is exempt from taxation under Section 15-50 of this Code and that is leased, pursuant to authority set forth in Chapter 10 of the United States Code, to another whose property is not exempt for the purpose of, after January 1, 2006,  the design, finance, construction, renovation, management, operation, and maintenance of rental housing units and associated improvements at military training  facilities, military bases, and related military support facilities in the State of Illinois. All interests enjoyed pursuant to the authority set forth in Chapter 159 or Chapter 169 of Title 10 of the United States Code are considered leaseholds for the purposes of this Division.  The changes to this Section made by this amendatory Act of the 97th General Assembly apply beginning on January 1, 2006.(b) For tax years prior to 2017, for naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the lesser of (i) 62% of all revenues or (ii) actual expenses before interest,  taxes, depreciation, and amortization. For all other military training  facilities, military bases, and related military support facilities, "net operating income" means all revenues received minus the lesser of (i) 42% of all revenues or (ii) actual expenses before interest,  taxes, depreciation, and amortization.(b-5) For tax year 2017 and thereafter, for  naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the actual expenses before interest,  taxes, depreciation, and amortization.(c) "Tax load factor" means the level of assessment, as set forth under item (b) of Section 9-145 or under Section 9-150, multiplied by the cumulative tax rate for the current taxable year.  (Source: P.A. 100-456, eff. 8-25-17.)
35 ILCS 200/10-375
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-375. Valuation.(a) A PPV Lease must be valued at its fair cash value, as provided under item (b) of  Section 9-145 or under Section 9-150.(b) The fair cash value of a PPV Lease must be determined by using an income capitalization approach.(c) To determine the fair cash value of a PPV Lease, the  net operating income is divided by (i) a rate of 12% plus (ii) the actual or most recently ascertainable tax load factor for the subject year.(d) By April 15 of each year, the holder of a PPV Lease must report to the chief county assessment officer in each county in which the leasehold  property is located the annual gross income and expenses derived and incurred from the PPV Lease, including the rental of leased property for each military housing facility subject to a PPV Lease.  (Source: P.A. 100-456, eff. 8-25-17.)
35 ILCS 200/10-380
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-380. For the taxable years 2006 through 2055, the chief county assessment officer in the county in which property subject to a PPV Lease is located shall apply the provisions of Sections 10-370(b)(i) and 10-375(c)(i) of this Division 14 in assessing and determining the value of any PPV Lease for purposes of the property tax laws of this State.(Source: P.A. 99-738, eff. 8-5-16; 100-456, eff. 8-25-17.)
35 ILCS 200/10-385
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-385. PPV leases; tax settlement agreements.  A taxable PPV lease under Section 10-375 of this Act that (i)  encumbers exempt real property located within a county of less than 600,000 inhabitants and (ii) is related to taxable real property used for military housing purposes may be assessed and valued pursuant to the terms of a real property tax assessment settlement agreement executed between the local county assessment officials and the taxpayer, provided that appeals challenging the valuation and taxation of the PPV lease were pending as of January 1, 2006 or thereafter.  Appropriate authorities, including other county and State officials, may be parties to those settlement agreements.  Those agreements may provide for the settlement of issues related to the assessed valuation of the PPV lease or the property and may provide for related payments, refunds, claims, and credits against property taxes and liabilities in current and future years.  Those agreements may provide for a total assessment or maximum annual tax payment for all contested tax years and future tax years for up to a 20-year term.  Those agreements may also provide for annual adjustments to the extent that taxes levied against the PPV lease or property exceed the amounts due, as expressed in the agreement.  The adjustments may be made as credits to be applied to current tax bills applicable to the PPV lease, the property, or both.   No referendum approval shall be required for such agreements, and they shall not constitute indebtedness of any taxing district for the purposes of any statutory limitation.  (Source: P.A. 99-818, eff. 8-15-16.)
35 ILCS 200/Art. 10 Div. 15 heading
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

 Division 15.  Supportive living facilities  (Source: P.A. 94-1086, eff. 1-19-07.)
35 ILCS 200/10-390
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-390. Valuation of supportive living facilities.(a) Notwithstanding Section 1-55, to determine  the fair cash value of any supportive living facility  established under Section 5-5.01a of the Illinois Public Aid Code, in assessing the facility, a local assessment  officer must use the income capitalization approach. For the purposes of this Section, gross potential income must not exceed the maximum individual Supplemental Security Income (SSI) amount, minus a resident's personal allowance as defined at 89 Ill Admin. Code 146.205, multiplied by the number of apartments authorized by the supportive living facility certification.(b) When assessing supportive living facilities, the local assessment  officer may not consider:(1)            payments from Medicaid for services     provided to residents of supportive living facilities when such payments constitute income that is attributable to services and not attributable to the real estate; or(2)        payments by a resident of a supportive     living facility for services that would be paid by Medicaid if the resident were Medicaid-eligible, when such payments constitute income that is attributable to services and not attributable to real estate. (Source: P.A. 102-16, eff. 6-17-21.)
35 ILCS 200/Art. 10 Div. 16 heading
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

 Division 16.  Conservation Stewardship Law  (Source: P.A. 95-633, eff. 10-1-07.)
35 ILCS 200/10-400
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-400. Short title; findings and policy.(a) This Division may be cited as the Conservation Stewardship Law.(b) The General Assembly finds that it is in the best interest of this State to maintain, preserve, conserve, and manage unimproved land to assure the protection of these limited and unique environmental resources for the economic and social well-being of the State and its citizens.The General Assembly further finds that, to maximize voluntary taxpayer participation in conservation programs, conservation should be recognized as a legitimate land use and taxpayers should have a full range of incentive programs from which to choose.Therefore, the General Assembly declares that it is in the public interest to prevent the forced conversion of unimproved land to more intensive uses as a result of economic pressures caused by the property tax system at values incompatible with their preservation and management as unimproved land, and that a program should be designed to permit the continued availability of this land for these purposes.The General Assembly further declares that the following provisions are intended to allow for the conservation, management, and assessment of unimproved land generally suitable for the perpetual growth and preservation of such land in this State.  (Source: P.A. 95-633, eff. 10-1-07.)
35 ILCS 200/10-405
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-405. Definitions. As used in this Division:"Unimproved land" means woodlands, prairie, wetlands, or other vacant and undeveloped land that is not used for any residential or commercial purpose that materially disturbs the land."Conservation management plan" means a plan approved by the Department of Natural Resources that specifies conservation and management practices, including uses that will be conducted to preserve and restore unimproved land."Managed land" means unimproved land of 5 contiguous acres or more that is  subject to a conservation management plan.  (Source: P.A. 95-633, eff. 10-1-07.)
35 ILCS 200/10-410
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-410. Conservation management plan; rules. The Department of Natural Resources shall adopt rules specifying the form and content of a conservation management plan sufficient for managed land to be valued under this Division. The rules adopted under this Section must require a description of the managed land and must specify the conservation and management practices that are appropriate to preserve and maintain unimproved land in this State and any other conservation practices.  (Source: P.A. 95-633, eff. 10-1-07.)
35 ILCS 200/10-415
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-415. Plan submission and review; approval.(a)A taxpayer requesting special valuation of unimproved land under this Division  must first submit a conservation management plan for that land to the Department of Natural Resources for review. The Department of Natural Resources shall review each submitted plan for compliance with the standards and criteria set forth in its rules.(b) Upon approval, the Department of Natural Resources shall issue to the taxpayer a written declaration that the land is subject to a conservation management plan approved by the Department of Natural Resources.(c) The Department of Natural Resources shall reapprove the plan every 10 years and revise it when necessary or appropriate.(d) If a plan is not approved, then the Department of Natural Resources shall state the reasons for the denial and provide the taxpayer an opportunity to amend the plan to conform to the requirements of this Division. If the application is denied a second time, the taxpayer may appeal the decision to an independent 3-member panel to be established within the Department of Natural Resources.(e) The submission of an application for a conservation management plan under this Section or of a forestry management plan under Section 10-150 shall be treated as compliance with the requirements of that plan until the Department of Natural Resources can review the application. The Department of Natural Resources shall certify, to the Department, these applications as being approved plans for the purpose of this Division.         (Source: P.A. 95-633, eff. 10-1-07.)
35 ILCS 200/10-420
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-420. Special valuation of managed land; exceptions.(a)In all counties, except for Cook County, beginning with assessments made in 2008 and thereafter, managed land for which an application has been approved under Section 10-415 that contains 5 or more contiguous acres is valued at 5% of its fair cash value.(b) The special valuation under this Section does not apply to (i) any land that has been assessed as farmland under Sections 10-110 through 10-145, (ii) land valued under Section 10-152 or 10-153, (iii) land valued as open space under Section 10-155, (iv) land certified under Section 10-167, or (v) any property dedicated as a nature preserve or a nature preserve buffer under the Illinois Natural Areas Preservation Act and assessed in accordance with subsection (e) of Section 9-145.  (Source: P.A. 95-633, eff. 10-1-07.)
35 ILCS 200/10-425
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-425. Certification.(a)The Department of Natural Resources shall certify to the Department a list of applications approved under Section 10-415. This list must contain the following information for each approved application:(1)   the name and address of the taxpayer;(2)   the county in which the land is located;(3)   the size and each property index number or     legal description of the land that was approved; and(4)   copies of the taxpayer's approved conservation     management plan.(b) Within 30 days after the receipt of this information, the Department shall notify in writing the chief county assessment officer of each parcel of land covered by an approved conservation management plan and application. The chief county assessment officer shall determine the valuation of the land as otherwise permitted by law and as required under Section 10-420 of this Division, and shall list them separately.  (Source: P.A. 95-633, eff. 10-1-07.)