There Is a Newer Version of the Illinois Compiled Statutes
2005 Illinois 35 ILCS 200/ Property Tax Code. Division 2 - Residential Property
(35 ILCS 200/10‑15)
Sec. 10‑15.
Condominiums and cooperatives.
In counties with 200,000 or more
inhabitants which classify property, condominiums occupied by the owner as a
residence for a minimum of 6 months during the year and created in accordance
with the provisions of the "Condominium Property Act", as well as land with
improvements owned and operated as a cooperative, shall be assessed on the same
basis of assessment as single family residences in such counties.
(Source: P.A. 78‑709; 88‑455.)
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(35 ILCS 200/10‑20)
Sec. 10‑20.
Repairs and maintenance of residential property.
Maintenance and repairs to residential property owned and used
exclusively for a residential purpose shall not increase the assessed
valuation of the property. For purposes of this Section, work
shall be deemed repair and maintenance when it (1) does not increase the
square footage of improvements and does not materially alter the
existing character and condition of the structure but is limited to work
performed to prolong the life of the existing improvements or to keep the
existing improvements in a well maintained condition; and (2) employs
materials, such as those used for roofing or siding, whose value is not greater
than the replacement value of the materials being replaced.
Maintenance and repairs, as
those terms are used in this Section, to property that enhance the overall
exterior and interior appearance and quality of a residence by restoring
it from a state of disrepair to a standard state of repair do not "materially
alter the
existing character and condition" of the residence.
(Source: P.A. 90‑788, eff. 8‑14‑98.)
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