Illinois HB3466 establishes special assessment programs to reduce the assessed value of newly constructed and rehabilitated affordable rental housing.
HB3466 amends the Property Tax Code to create special assessment programs for reducing the assessed value of newly constructed and rehabilitated affordable rental housing in Illinois. These programs aim to incentivize property owners to keep rents affordable for low-income and very-low-income households. The bill outlines specific requirements for eligibility, including the extent of rehabilitation, the number of affordable units, and the income levels of tenants. It also details the application process and the duration of the reduced valuation, which can be up to 30 years.
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- Core Provisions
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