| Illinois Condominium Property Act, IL ST CH 76 |
| 605/10. Separate taxation |
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§ 10. Separate taxation.
(a) Real property taxes, special assessments, and any other special
taxes or charges of the State of Illinois or of any political subdivision thereof, or
other lawful taxing or assessing body, which are authorized by law to be assessed against
and levied upon real property shall be assessed against and levied upon each unit and the
owner's corresponding percentage of ownership in the common elements as a tract, and not
upon the property as a whole. For purposes of property taxes, real property owned and used
for residential purposes by a condominium association, including a master association, but
subject to the exclusive right by easement, covenant, deed or other interest of the owners
of one or more condominium properties and used exclusively by the unit owners for
recreational or other residential purposes shall be assessed at $1.00 per year. The
balance of the value of the property shall be assessed to the condominium unit owners. In
counties containing 1,000,000 or more inhabitants, any person desiring to establish or to
reestablish an assessment of $1.00 under this Section shall make application therefor and
be subject to the provisions of Section 10-35 of the Property Tax Code.
(b) Each condominium unit shall be only subject to the tax rate for
those taxing districts in which such unit is actually, physically located. The county
clerk shall not apply a rate which is an average of two or more different districts to any
condominium unit.
(c) 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 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 shall
have the power to seek relief from or in connection with the assessment or levy of any
such taxes, special assessments or charges, and to charge and collect all expenses
incurred in connection therewith as common expenses.
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