SB3189: PROP TX-SOUTHLAND REACTIVATION

Legislative Summary

Amends the Property Tax Code. Provides that certain property located in Bloom, Bremen, Calumet, Rich, Thornton, or Worth Township may be certified as southland reactivation property. Provides that, beginning with the first tax year after the property is certified as southland reactivation property and continuing through the twelfth tax year after the property is certified as southland reactivation property, the property shall be valued at 50% of the base year equalized assessed value. Provides that the base year is the last tax year prior to the date of the application for southland reactivation designation during which the property was occupied and assessed and had an equalized assessed value. Sets forth the maximum aggregate tax liability for property that has been certified as southland reactivation property. Effective immediately.