Illinois HB3245 creates a property tax abatement for blighted areas if the owner agrees to renovate, demolish, or improve the property.
Illinois HB3245 amends the Property Tax Code to create a tax abatement for property in designated blighted areas. If the property owner agrees to renovate, demolish, or improve the property, the municipal authorities can reduce the property taxes. The abatement applies for 20 years and extends to subsequent owners. Before adopting an abatement ordinance, the municipality must notify affected taxing districts and convene an Abatement Review Board. The Board reviews the ordinance and reports findings to the municipality within 30 days.
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