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Illinois I&E Disclosure Bill Stalls

by Bob Tivnan, CMI, Chicago, May 2019

 

With only weeks left in the Illinois legislative session, bills that would require owners of commercial income-producing property to supply their income and expense information to the assessor’s office are facing serious opposition.

 

SB 1379 / HB 2217

 

Senate Bill 1379 and House Bill 2217, seek to amend the Illinois Property Tax Code by requiring mandatory annual reporting of expense and income data from owners of commercial properties assessed at over $100,000.

 

SB 1379 cleared the Senate in early April. Meanwhile, HB 2217 was scheduled to get a hearing at a House committee but was pulled from the agenda.

 

New Cook County Assessor, Fritz Kaegi, is the lead proponent of these bills. The legislation initially pertains to counties with 3 million residents or more. Other Illinois counties could adopt the system if they choose.

 

Opponents’ Concerns

 

Some of the issues that commercial office and industrial real estate property owners are concerned about with the legislation are:

 

1.

 

Burdensome reporting requirements

2.

 

Filing is required, regardless of whether an appeal is being pursued

3.

 

Much of the data is already available to assessors’ offices through the tax appeal process

4.

 

Confidentiality of the information submitted

 

Groups opposing the legislation include the Building Owners and Managers Association of Chicago, the Illinois Retail Merchants Association, the Chicagoland Chamber of Commerce, the Chicagoland Apartment Association, and the Civic Federation.