HB 1466

Abstract

Amends the Condominium Property Act. Provides that upon authorization by a two-thirds vote of the members of the board of managers or by the affirmative vote of not less than a majority of the unit owners at a meeting duly called for such a purpose, or upon such greater vote as may be required by the declaration or bylaws, the board of managers acting on behalf of all unit owners may allocate the percentage of ownership in the common elements as a tract for each unit for the limited purpose of calculating the assessment or levy of any such taxes, special assessments, or charges of the State of Illinois or of any political subdivision thereof. Provides that the allocation of ownership under the new provisions shall be based on the square footage of each individual unit. Provides that the allocation of ownership under the new provisions shall also be separate from, and in addition to, the allocation for purposes of association assessments for common expenses, association special assessments and charges, and voting rights. House Committee Amendment No. 1 Provides that upon authorization by a two-thirds vote of the unit owners (rather than two-thirds vote of the members of the board of managers or by the affirmative vote of not less than a majority of the unit owners), the board of managers acting on behalf of all unit owners may allocate the percentage of ownership in the common elements as a tract for each unit. Provides that the new provisions apply only to an association with 20 units or less.