SB1831

SB1831 amends the Property Tax Code to allow tax abatements for new residential construction in counties with fewer than 300,000 inhabitants.

SB1831 amends the Property Tax Code to allow taxing districts to abate taxes on new residential construction developments in counties with fewer than 300,000 inhabitants. The bill specifies that the abatement is subject to certain conditions and limitations, including the assessed valuation of the property. The abatement is not effective unless the owner agrees to repay all previously abated amounts with interest if the facility closes before the end of the abatement period.