Illinois SB2126 exempts affordable housing properties from taxation until they cease to serve low-income households.

Illinois SB2126 amends the Property Tax Code to exempt from taxation properties owned by faith-based organizations or 501(c)(3) entities, leased for at least 50 years for affordable housing. This exemption lasts until the end of the lease or the first taxable year the property no longer serves affordable housing, whichever comes first. The bill also allows taxing districts to abate property taxes on these developments, up to 80% if serving households with incomes between 20% and 69% of the area median income, and 100% if serving households with incomes between 70% and 90%.

Illinois SB2126 exempts affordable housing properties from taxation until they cease to serve low-income households.

Illinois SB2126 amends the Property Tax Code to exempt from taxation properties owned by faith-based organizations or 501(c)(3) entities, leased for at least 50 years for affordable housing. This exemption lasts until the end of the lease or the first taxable year the property no longer serves affordable housing, whichever comes first. The bill also allows taxing districts to abate property taxes on these developments, up to 80% if serving households with incomes between 20% and 69% of the area median income, and 100% if serving households with incomes between 70% and 90%.