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Tuesday, July 7, 2026

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IL · SB2862CMTE · 1 COSPONSOR

PROP TX-ABATEMENT

Also relevant to:Homeowner
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Plain-English Summary

Amends the Property Tax Code. Provides that a municipality may, by ordinance, designate an area within its jurisdiction as a retail improvement abatement area if the area (i) is a contiguous area, (ii) consists of at least one-half square mile and  not more than 12 square miles, exclusive of lakes and waterways, and (iii) has a vacancy rate for retail properties that exceeds 40% at the time the ordinance is adopted. Provides that owners of retail property that is in a retail improvement abateme…

Source: OpenStates · fetched April 24, 2026

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