SB1911

Illinois SB1911 amends the Property Tax Code to reduce assessed values for newly constructed or rehabilitated affordable rental housing.

SB1911 amends the Property Tax Code to establish special assessment programs for reducing the assessed value of newly constructed or rehabilitated affordable rental housing. The bill defines "affordable units" and "maximum rent" for these properties. It outlines the requirements for qualifying rehabilitation, including improvements to primary building systems and accessibility. The bill specifies the conditions for reduced valuation, including the percentage of units with rents below maximum limits and the duration of the reduced valuation.