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, with six rentable units or less and with all said units contained in one improvement where one of the units is owner occupied and where the owner occupant is entitled to a Homeowner’s Exemption pursuant to the Illinois Property Tax Code, Chapter 35, Title 4, Article 15.
(16) Class 10. 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, with six rentable units or less and with all said units contained in one improvement where none of the units are owner occupied and a Homeowner’s Exemption pursuant to the Illinois Property Tax Code, Chapter 35, Title 4, Article 15 shall be available if allowed by law.
Sec. 74-64. - Market value percentages.
The Assessor shall assess, and the Board of Review shall review, assessments on real estate in the various classes at the following percentages of market value:
(1) Class 1: Ten percent.
(2) Class 2: Ten percent.
(3) Class 3: Sixteen percent in tax year 2009, 13 percent in tax year 2010, ten percent in tax year 2011, and subsequent years.
(4) Class 4: Twenty-five Twenty percent.
(5) Class 5a: Twenty-five percent.
(6) Class 5b: Twenty-five percent.
(7) Class 6b: Ten percent for first ten years and for any subsequent ten-year renewal periods; if the incentive is not renewed, 15 percent in year 11 and 20 percent in year 12.
(8) Class C: Industrial properties: Ten percent for first ten years, 15 percent in year 11 and 20 percent in year 12; commercial properties: ten percent for first ten) years, 15 percent in year 11 and 20 percent in year 12.
(9) Class 7a: Ten percent for first ten years, 15 percent in year 11 and 20 percent in year 12.
(10) Class 7b: Ten percent for first ten years, 15 percent in year 11 and 20 percent in year 12.
(11) Class 7c: Ten percent for first three years, 15 percent in year four and 20 percent in year five.
(12) Class 8: Ten percent for first ten years and for any subsequent ten-year renewal periods; if the incentive is not renewed, 15 percent in year 11 and 20 percent in year 12.
(13) Class 9: Ten percent for an initial ten-year period, renewable upon application for additional ten-year periods.
(14) Class S: Ten percent for the term of the Section 8 contract renewal under the mark up to market option, as defined herein, and for any additional terms of renewal of the Section 8 contract under the mark up to market option.
(15) Class L, renewable properties: Ten percent for first ten years and for any subsequent ten-year renewal periods; if the incentive is not renewed, 15 percent in year 11 and 20 percent in year 12; commercial properties: Ten percent for first ten years, 15 percent in year 11 and 20 percent in year 12.
(16) Class 10: Ten percent.
Effective date: This Ordinance Amendment shall be in effect immediately.
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