HB 4056

Abstract

Amends the Property Tax Code. Creates the Local Historic Property Tax Abatement Law. Authorizes certain municipalities or counties that have been approved by the Director of Historic Preservation to establish a program to award property tax abatements to property that is listed on the local register of historic places. Sets forth requirements for the ordinance establishing the program. Provides that, if a property is awarded an abatement under the program, then the county clerk shall abate 25% from the total property taxes levied on the property each taxable year. Provides that the abatement must be applied proportionally to the property tax levies of each taxing district that levies a tax on the property.