35 ILCS 200/10-360
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-360.     Fraternal organization assessment freeze.(a) For the taxable year 2003 and thereafter, the assessed value of real  property owned and used by a fraternal organization or its affiliated Illinois  not for profit corporation chartered prior to 1920 that is an exempt entity  under Section 501(c)(2), 501(c)(8) or 501(c)(10) of the  Internal Revenue Code and  whose members provide, directly or indirectly, financial support for  charitable works, which may include medical care, drug rehabilitation, or  education, shall be established by the chief county assessment officer as  follows:(1) if the property meets the qualifications set     forth in this Section on January 1, 2003 and on January 1 of each subsequent assessment year, for assessment year 2003 and each subsequent assessment year, the final assessed value of the property shall be 15% of the final assessed value of the property for the assessment year 2002; or(2) if the property first meets the qualifications     set forth in this Section on January 1 of any assessment year after assessment year 2003 and on January 1 of each subsequent assessment year, for that first assessment year and each subsequent assessment year, the final assessed value shall be 15% of the final assessed value of the property for the assessment year in which the property first meets the qualifications set forth in this Section.If, in any year, additions or improvements are made to property subject to  assessment under this Section and the additions or improvements would increase  the assessed value of the property, then 15% of the final assessed value of the  additions or improvements shall be added to the final assessed value of the  property for the year in which the additions or improvements are completed and  for all subsequent years that the property is eligible for assessment under  this Section.(b) For purposes of this Section, "final assessed value" means the assessed  value after final board of review action.(c) Fraternal organizations or their affiliated not for profit corporations  whose property is assessed under this Section  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, which shall prepare the form, including:(1) the location or legal description of the property     on which is located the principal building for the organization, including the PIN number, if available;(2) a written instrument evidencing that the     organization or not for profit corporation is the record owner or has a legal or equitable interest in the property;(3) an affidavit that the organization or not for     profit corporation is liable for paying the real property taxes on the property; and(4) the signature of the organization's or not for     profit corporation's chief presiding officer.Subsequent applications shall include any changes in the initial application  and shall affirm the ownership, use, and liability for taxes for the year in  which it is submitted.  All applications shall be notarized.(d) This Section does not apply to parcels exempt from property taxes under  this Code.    (Source: P.A. 92-859, eff. 1-3-03.)