House Bill 1466
(Harris, D-Chicago) authorizes the board of managers acting on behalf of all unit owners to allocate the percentage of ownership in the common elements as a tract for each unit for the limited purpose of calculating the assessment or levy of any such taxes, special assessments, or charges of the State of Illinois or of any political subdivision. It may do so by a two-thirds vote of the unit members at a meeting duly called for such a purpose or upon such greater vote as may be required by the declaration or bylaws.
Requires this allocation of ownership to be based on the square footage of each individual unit and that it be separate from, and in addition to, the allocation for purposes of association assessments for common expenses, association special assessments and charges, and voting rights. It has been assigned to the House Revenue and Finance Committee.
House Bill 1466 is limited to associations with 20 units or less. It has been assigned to House Revenue and Finance Committee for a hearing next week.