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PROPOSED SUBSTITUTE TO 14-1930
PROPOSED ORDINANCE AMENDMENT
AMENDMENT TO ASSESSMENT CLASSES - CLASS 7C
BE IT ORDAINED, by the Cook County Board of Commissioners that Chapter 74 Taxation, Article II Real Property Taxation, Division 2, Section 74-63 through 74-73 of the Cook County Code of Ordinances are hereby amended as follows:
Sec. 74-63. Assessment classes.
Real estate is divided into the following assessment classes:
(1) Class 1. Unimproved real estate.
(2) Class 2. Real estate:
a. Used as a farm;
b. Used for residential purposes when improved with a house, an apartment building of not more than six living units, or residential condominium, a residential cooperative or a government-subsidized housing project, if required by statute to be assessed in the lowest assessment category;
c. Improved with a building put to commercial and residential use, of six or less units where the building measures less than 20,000 square feet of above grade space; or
d. Real estate improved with a single room occupancy building, as defined in this division, provided that:
1. At least one-third of the single room occupancy units are leased at no more than 80 percent of the current "Fair Market Rent Schedule for Existing Housing for Single Room Occupancy Units" as set by the United States Department of Housing and Urban Development (hereinafter "FMR schedule");
2. No single room occupancy units are leased at rents in excess of 100 percent of the current FMR schedule;
3. The overall maximum average rent per unit for all single room occupancy units in the building shall not exceed 90 percent of the current FMR schedule; and
4. The subject property is in substantial compliance with all local building, safety and health codes and requirements.
In the event that the owner fails to comply with these requirements, the Class 2 classification shall be revoked.
(3) Class 3. All improved real estate used for residential ...
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