Illinois HB1874 provides a property tax reduction for community-integrated living arrangements.
Illinois HB1874 amends the Property Tax Code to provide a reduction in the equalized assessed value of property used for a community-integrated living arrangement. The reduction is equal to the number of occupants using the arrangement as a primary residence multiplied by $2,000. This reduction applies to properties owned by residents or family members of residents, and operated by a not-for-profit organization or meeting specific criteria. The bill takes effect immediately upon becoming law.
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