Illinois HB1829 mandates physical descriptions of income-producing properties and exempts certain financial records from disclosure.
Illinois HB1829 amends the Property Tax Code to require owners of income-producing properties to submit physical descriptions to the chief county assessment officer. This includes details like land size, construction type, and number of buildings. The bill also exempts financial records and data related to real estate income, expenses, and occupancy from disclosure under the Freedom of Information Act. Penalties apply for non-compliance, with a maximum fine of $1,000 per property. The provisions apply in counties where the county board adopts the requirements by ordinance or resolution.
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