HB2592

Illinois HB2592 allows taxing districts to reduce property taxes on qualified condominium properties in low-income communities.

Illinois HB2592 amends the Property Tax Code to allow any taxing district to reduce property taxes on qualified condominium properties in low-income communities. The abatement amount cannot exceed special assessments imposed by the condominium association for repairs during the taxable year. A "qualified condominium property" is defined as a condominium located in a low-income community, where at least half of the households have an income not exceeding 80% of the Area Median Income. This Act takes effect immediately upon becoming law.