HB 5685

Abstract

Amends the Property Tax Code. Makes the following changes in the Historic Residence Assessment Freeze Law: (1) replaces references to the Historic Preservation Agency with the Department of Natural Resources; (2) provides that, if the fair cash value of the historic building is reduced because the property is sold or because the property is found to have been overassessed for the year in which the rehabilitation period by the chief county assessment officer, the board of review, or the Property Tax Appeal Board, then the base year valuation shall be the reduced fair cash value; and (3) provides that, if an owner receives a certificate of rehabilitation, that same owner may not reapply for a new certificate of rehabilitation for the same property until 4 years after the last year of the adjustment valuation period. Repeals a Section concerning receipt of applications by a unit of local government.