According to Section 10-25 of the Illinois Property Tax Code (35 ILCS 200/10-25), this assessment allows a dwelling, condominium, or town home not occupied as a dwelling but used instead as a display or demonstration model for prospective buyers to be assessed at its value prior to construction or zoning classification change. This application must be filed annually through Smartfile by December 31 and only homes considered complete are eligible. No property shall be eligible for calculation of its assessed value under this Section for more than a 10-year period.  For the purposes 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. 

Failure to make a timely filing in any assessment year constitutes a waiver of the right to benefit for that assessment year.