SB 1911 proposes to make several changes to special assessment programs for residential property, particularly related to affordable housing initiatives in the property tax code. The bill allows that counties, which opt out of special assessment programs for reducing the assessed value of residential properties, will not disqualify properties that were approved for reduced valuation before the opt-out. These properties can still retain their eligibility for the full period initially approved, even if the county opts out before the program ends. The bill also provides that special assessment programs must be available to all qualifying residential real property, regardless of whether the property has received other public financing or subsidies or is subject to regulatory agreements with public entities. In counties with a population of 3,000,000 or more, the county assessor must calculate and make available the minimum per square foot expenditure requirements for the Affordable Housing Special Assessment Program by March 15 each year, and this must be published on the county’s website.

SB 1911 aims to make the special assessment programs more consistent, inclusive, and transparent, while also incorporating annual adjustments based on economic factors like the Consumer Price Index. It seeks to ensure that properties already enrolled in the program continue to benefit from the reduced valuation, even if a county later opts out, and that application procedures are accessible to the public. Illinois REALTORS® SUPPORT this legislation. The bill passed out the Senate Executive Committee on the “agreed bill” list on Thursday, April 3 and will be favorably sent to the Senate Floor.