Illinois Code § 10-245
Illinois Code § 10-245. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 10-245.
Method of valuation of low-income housing projects. Notwithstanding Section 1-55 and except in counties with a population of more than 200,000 that classify property for the purposes of taxation, to determine 33 and one-third percent of the fair cash value of any low-income housing project developed under the Section 515 program or that qualifies for the low-income housing tax credit under Section 42 of the Internal Revenue Code, in assessing the project, local assessment officers must consider the actual or probable net operating income attributable to the property, using a vacancy rate of not more than 5%, capitalized at normal market rates. The interest rate to be used in developing the normal market value capitalization rate shall be one that reflects the prevailing cost of cash for other types of commercial real estate in the geographic market in which the low-income housing project is located. (Source: P.A. 93-533, eff. 1-1-04; 93-755, eff. 7-16-04; 94-1086, eff. 1-19-07.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 10-245
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 10-245?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 10-245 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 10-245 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
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