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Will County Supervisor
of Assessments
Model Homes, Townhomes and Condominium
Units
In
accordance with "Section 10-25 of the
Property Tax Code (35 ILCS 200/10-25),"
If the construction of a single
family dwelling is completed after December
29, 1986 or the construction of a single family
townhome or condominium unit is completed after
the effective date of this amendatory Act of
1994, and that dwelling, townhome, or condominium
unit is not occupied as a dwelling but is used
as a display or demonstration model home, townhome
or condominium unit for prospective, buyers
of the dwelling or of similar homes, townhomes,
or condominium units to be built on other property,
the assessed value of the property on which
the dwelling, townhome, or condominium was constructed
shall be the same as the assessed value of the
property prior to construction and prior to
any change in the zoning classification of the
property prior to construction of the dwelling,
townhome or condominium unit.
The application
of this Section shall not be affected if
the display or demonstration model home,
townhome or condominium unit contains home
furnishings, appliances, offices, and office equipment to further sales activities. This
Section shall not be applicable if the dwelling,
townhome or condominium unit is occupied as
a dwelling or the property on which the dwelling,
townhome, or condominium unit is situated is
sold or leased for use other than as a display
or demonstration model home, townhome, or condominium
unit. No property shall be eligible for calculation
of its assessed value under this Section for
more than a 10-year period. If the dwelling,
townhome, or condominium unit becomes ineligible
for the alternate valuation, the owner shall
within 60 days file with the chief county assessment
officer a certificate giving notice of such
ineligibility.
For the purpose of this Section,
no corporation, individual, sole proprietor
or partnership may have more than a total of
3 model homes, townhomes or condominium units
at the same time within a 3 mile radius. The
center point of each radius shall be the display
or demonstration model that has been used as
such for the longest period of time. The person
liable for taxes on property eligible for assessment
as provided in this Section shall file a verified
application with the chief county assessment
officer on or before December 31 of each assessment
year for which that assessment is desired. Failure
to make a timely filing in any assessment year
constitutes a waiver of the right to benefit
for that assessment year.
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