SB2862 allows municipalities to designate retail improvement abatement areas and lets property owners in these areas negotiate tax abatements with.
SB2862 amends the Property Tax Code to enable municipalities to designate areas with high retail vacancy rates as retail improvement abatement areas. Owners of retail properties in these areas can negotiate with taxing districts to reduce their tax liability. In exchange, they must make a special payment to the taxing district. The bill also mandates that tax statements include details such as the property's assessment, tax rates, and any special payments required.
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