PROP TX-CONDO ABATEMENT

Illinois General Assembly - Full Text of HB2592

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HB2592 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB2592

Introduced 2/6/2025, by Rep. Curtis J. Tarver, II

SYNOPSIS AS INTRODUCED:

35 ILCS 200/18-185.25 new

Amends the Property Tax Code. Provides that any taxing district may,
after the determination of the assessed valuation of its property, order
the county clerk to abate any portion of its taxes on any qualified
condominium property. Provides that the amount of the abatement may not
exceed the special assessments imposed against the property by the
condominium association during the taxable year. Provides that "qualified
condominium property" means a condominium that is located in a low-income
community and with respect to which the condominium association has
imposed a special assessment for repairs during the taxable year.
Effective immediately.
LRB104 08528 HLH 18580 b

A BILL FOR

HB2592
LRB104 08528 HLH 18580 b
1

AN ACT concerning revenue.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Property Tax Code is amended by adding
5
Section 18-185.25 as follows:

6

(35 ILCS 200/18-185.25 new)
7

Sec. 18-185.25.
Low-income condominium association
8
abatement.

9

(a) Upon a majority vote of its governing authority, any
10
taxing district may, after the determination of the assessed
11
valuation of its property, order the county clerk to abate any
12
portion of its taxes on any qualified condominium property.
13
The amount of the abatement may not exceed the special
14
assessments imposed against the property by the condominium
15
association during the taxable year.
16

(b) As used in this Section:
17

"Low-income community" means a census tract where at least
18
half of the households have a household income that does not
19
exceed 80% of the Area Median Income.

20

"Qualified condominium property" means a condominium that
21
is located in a low-income community and with respect to which
22
the condominium association has imposed a special assessment
23
for repairs during the taxable year.

HB2592
- 2 -
LRB104 08528 HLH 18580 b
1

Section 99.
Effective date.
This Act takes effect upon
2
becoming law.

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