35 ILCS 200/10-40
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 10-40.         Historic Residence Assessment Freeze Law;  definitions.  This Section and Sections 10-45 through 10-85 may be cited as the Historic  Residence Assessment Freeze Law.  As used in this Section  and Sections 10-45 through 10-85:(a) "Director" means the Director of Historic     Preservation.(b) "Approved county or municipal landmark ordinance"     means a county or municipal ordinance approved by the Director.(c) "Historic building" means an owner-occupied     single family residence or an owner-occupied multi-family residence and the tract, lot or parcel upon which it is located, or a building or buildings owned and operated as a cooperative, if:(1) individually listed on the National Register         of Historic Places or the Illinois Register of Historic Places;(2) individually designated pursuant to an         approved county or municipal landmark ordinance; or(3) within a district listed on the National         Register of Historic Places or designated pursuant to an approved county or municipal landmark ordinance, if the Director determines that the building is of historic significance to the district in which it is located.Historic building does not mean an individual unit of a     cooperative.(d) "Assessment officer" means the chief county     assessment officer.(e) "Certificate of rehabilitation" means the     certificate issued by the Director upon the renovation, restoration, preservation or rehabilitation of an historic building under this Code.(f) "Rehabilitation period" means the period of time     necessary to renovate, restore, preserve or rehabilitate an historic building as determined by the Director.(g) "Standards for rehabilitation" means the     Secretary of Interior's standards for rehabilitation as promulgated by the U.S. Department of the Interior.(h) "Fair cash value" means the fair cash value of     the historic building, determined on the basis of the assessment officer's property record card, representing the value of the property prior to the commencement of rehabilitation without consideration of any reduction reflecting value during the rehabilitation work.(i) "Base year valuation" means the fair cash value     of the historic building for the year in which the rehabilitation period begins but prior to the commencement of the rehabilitation and does not include any reduction in value during the rehabilitation work.(j) "Adjustment in value" means the difference for     any year between the then current fair cash value and the base year valuation.(k) "Eight-year valuation period" means the 8 years     from the date of the issuance of the certificate of rehabilitation.(l) "Adjustment valuation period" means the 4 years     following the 8 year valuation period.(m) "Substantial rehabilitation" means interior or     exterior rehabilitation work that preserves the historic building in a manner that significantly improves its condition.(n) "Approved local government" means a local     government that has been certified by the Director as:(1) enforcing appropriate legislation for the         designation of historic buildings;(2) having established an adequate and qualified         historic review commission;(3) maintaining a system for the survey and         inventory of historic properties;(4) providing for adequate public participation         in the local historic preservation program; and(5) maintaining a system for reviewing         applications under this Section in accordance with rules and regulations promulgated by the Director.(o) "Cooperative" means a building or buildings and     the tract, lot, or parcel on which the building or buildings are located, if the building or buildings are devoted to residential uses by the owners and fee title to the land and building or buildings is owned by a corporation or other legal entity in which the shareholders or other co-owners each also have a long-term proprietary lease or other long-term arrangement of exclusive possession for a specific unit of occupancy space located within the same building or buildings.(p) "Owner", in the case of a cooperative, means the     Association.(q) "Association", in the case of a cooperative,     means the entity responsible for the administration of a cooperative, which entity may be incorporated or unincorporated, profit or nonprofit.(r) "Owner-occupied single family residence" means a     residence in which the title holder of record (i) holds fee simple ownership and (ii) occupies the property as his, her, or their principal residence.(s) "Owner-occupied multi-family residence" means     residential property comprised of not more than 6 living units in which the title holder of record (i) holds fee simple ownership and (ii) occupies one unit as his, her, or their principal residence.  The remaining units may be leased.The changes made to this Section by this amendatory Act of the 91st General  Assembly are declarative of existing law and shall not be construed as a new  enactment.    (Source: P.A. 90-114, eff. 1-1-98; 91-806, eff. 1-1-01.)