35 ILCS 200/10-260
In determining the fair cash value of property receiving benefits from the Low-Income Housing Tax Credit authorized by Section 42 of the Internal Revenue Code, 26 U.S.C. 42, emphasis shall be given to the income approach.
In counties with more than 3,000,000 inhabitants, during a general reassessment year in accordance with Section 9-220 or at such other time that a property is reassessed, to determine the fair cash value of any low-income housing project that qualifies for the Low-Income Housing Tax Credit under Section 42 of the Internal Revenue Code: (i) in assessing any building with 7 or more units, the assessment officer must consider the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties; and (ii) in assessing any building with 6 units or less, the assessment officer, prior to finalizing and certifying assessments to the Board of Review, shall reassess the building considering the actual or projected net operating income attributable to the property, capitalized at rates for similarly encumbered Section 42 properties. The capitalization rate for items (i) and (ii) shall be one that reflects the prevailing cost of capital for other types of similarly encumbered Section 42 properties in the geographic market in which the low-income housing project is located.
All low-income housing projects that seek to be assessed in accordance with the provisions of this Section shall certify to the appropriate local assessment officer that the owner or owners qualify for the Low-Income Housing Tax Credit under Section 42 of the Internal Revenue Code for the property, in a form prescribed by that assessment officer.
35 ILCS 200/10-260