35 ILCS 200/15-160
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 4 - Exemptions

(Text of Section WITH the changes made by P.A. 97-1161, which has been held unconstitutional)Sec. 15-160. Airport authorities and airports.(a) All property belonging to any  Airport Authority and used for Airport Authority purposes or leased to another  entity, which property use would be exempt from taxation under this Code if  it were owned by the lessee entity, is exempt. However, the provision added by  Public Act 86-219 shall not apply to any property of any Airport Authority  located in a county with more than 3,000,000 inhabitants. Property acquired  for airport purposes by an Authority shall remain subject to any tax previously  levied to pay bonds issued and outstanding on the date of acquisition.(b) Also exempt is any airport or restricted land area or other air navigation  facility owned, controlled, operated or leased by another state or a political  subdivision of another state under the provisions of Sections 25.01 to 25.04,  both inclusive, of the "Illinois Aeronautics Act".  However if at the time of  the acquisition of property to be used for public airport purposes the city,  village, township or school district, in which said property is located is  indebted for any amount for payment of which it provided for the collection of  taxes, the property acquired for public airport purposes shall be subject to  taxation for the payment of said indebtedness in the same proportion as said  property bore to the taxable property in said city, village, township or school  district immediately before the acquisition thereof, according to the last  assessment for taxation.(c)  If property of the Metropolitan Airport Authority of Rock Island County is leased to a fixed base operator that provides aeronautical services to the public, then those leasehold interests  and any improvements thereon are exempt. (Source: P.A. 97-1161, eff. 6-1-13.)(Text of Section WITHOUT the changes made by P.A. 97-1161, which has been held unconstitutional)Sec. 15-160. Airport authorities and airports. All property belonging to any  Airport Authority and used for Airport Authority purposes or leased to another  entity, which property use would be exempt from taxation under this Code if  it were owned by the lessee entity, is exempt. However, the provision added by  Public Act 86-219 shall not apply to any property of any Airport Authority  located in a county with more than 3,000,000 inhabitants. Property acquired  for airport purposes by an Authority shall remain subject to any tax previously  levied to pay bonds issued and outstanding on the date of acquisition.Also exempt is any airport or restricted land area or other air navigation  facility owned, controlled, operated or leased by another state or a political  subdivision of another state under the provisions of Sections 25.01 to 25.04,  both inclusive, of the "Illinois Aeronautics Act".  However if at the time of  the acquisition of property to be used for public airport purposes the city,  village, township or school district, in which said property is located is  indebted for any amount for payment of which it provided for the collection of  taxes, the property acquired for public airport purposes shall be subject to  taxation for the payment of said indebtedness in the same proportion as said  property bore to the taxable property in said city, village, township or school  district immediately before the acquisition thereof, according to the last  assessment for taxation.  (Source: P.A. 88-455.)