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File #: 17-3303    Version: Name: B&B's Amendment
Type: Ordinance Amendment Status: Approved
File created: 5/10/2017 In control: Legislation and Intergovernmental Relations Committee
On agenda: 5/10/2017 Final action: 7/19/2017
Title: . PROPOSED SECOND SUBSTITUTE ORDINANCE AMENDMENT TO ITEM 17-3303 LEGISLATION AND INTERGOVERNMENTAL RELATIONS MEETING 7/19/2017 Sponsored by: LARRY SUFFREDIN, Cook County Board of Commissioners AN AMENDMENT TO THE COOK COUNTY PROPERTY TAX ASSESSMENT CLASSES 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,...
Sponsors: ROBERT STEELE, LUIS ARROYO JR, RICHARD R. BOYKIN, JOHN P. DALEY, DENNIS DEER, BRIDGET GAINER, JESÚS G. GARCÍA, GREGG GOSLIN, EDWARD M. MOODY, STANLEY MOORE, SEAN M. MORRISON, TIMOTHY O. SCHNEIDER, PETER N. SILVESTRI, DEBORAH SIMS, LARRY SUFFREDIN, JEFFREY R. TOBOLSKI
title.
PROPOSED SECOND SUBSTITUTE ORDINANCE AMENDMENT TO ITEM 17-3303
LEGISLATION AND INTERGOVERNMENTAL RELATIONS MEETING 7/19/2017

Sponsored by: LARRY SUFFREDIN, Cook County Board of Commissioners
AN AMENDMENT TO THE COOK COUNTY PROPERTY TAX ASSESSMENT CLASSES
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.
e. Used as a licensed bed and breakfast, as defined under the laws of the Cook County municipality where the property is situated, or registered as a Bed & Breakfast with the State of Illinois under the statute as established under 50 ILCS 820 /1 et. seq., the Illinois Bed and Breakfast Act, ...

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