Peoria Standard

Legislation carried in the Illinois House of Representatives by Deputy House Minority Leader Ryan Spain (R-Peoria) has been signed into law by the Governor. The legislation, Senate Bill 2936, expands a property tax abatement process to improve investment opportunities.

“This legislation presents an opportunity to spur economic development and investment in our communities, particularly in older neighborhoods and areas that have experienced disinvestment,” said Spain. “I want to thank Peoria City Councilman John Kelly for his work over the past several years to make this legislation a reality. It would not have been possible without him.”

Under previous law, property located in an area categorized as experiencing urban decay may be granted a property tax abatement (reduction in taxes) by a municipality only for new construction of single-family or duplex units. While this has proved helpful to communities in need of new investment, it does not apply to efforts to remodel existing homes or duplexes. SB 2936 expands the law to include remodeling projects, as well as removing a limitation in the law that reduced the granted abatements in the final four years of the abatement period.

As Spain referenced, At-Large Peoria City Councilman John Kelly has been working on this issue for many years.

After SB 2936 passed both houses of the Illinois General Assembly this spring, Councilman Kelly said, “This bill will increase the value of home ownership in some of our more challenged neighborhoods, as well as make investment in those neighborhoods more attractive. The incentives of this bill go directly to homeowners and will encourage the rehabilitation of many homes that are currently in need of improvements or updates. We are grateful to Peoria’s legislators Win Stoller, Dave Koehler, Ryan Spain, Travis Weaver, and Jehan Gordon-Booth for their diligence in finally bringing this bill across the finish line.”

Most of the legislation signed into law by the Governor this summer does not take full effect until January 1, 2025; however, SB 2936 had an “effective immediately” provision included in its language and is now fully effective.

For more information about SB 2936, Click Here.