HB1827

HB1827 requires taxpayers of income-producing properties in Illinois counties with over 3 million inhabitants to submit income and expense data.

HB1827 amends the Property Tax Code to mandate that taxpayers or parties obligated to pay property taxes for income-producing properties in counties with over 3 million inhabitants submit income and expense data annually to the chief county assessment officer by July 1. Exceptions include properties with a market value of $500,000 or less, residential properties with 6 or fewer units, and properties assessed under certain sections. The chief county assessment officer must notify taxpayers of the requirement by certified mail 60 days prior to the deadline.