093_SB1436

 
                                     LRB093 08363 SJM 08582 b

 1        AN ACT concerning taxes.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The Property Tax Code is amended by changing
 5    Section 9-155 as follows:

 6        (35 ILCS 200/9-155)
 7        Sec. 9-155.  Valuation in general assessment years.
 8        (a)  On or before June 1 in each general assessment  year
 9    in  all counties with less than 3,000,000 inhabitants, and as
10    soon as he or she reasonably can in each  general  assessment
11    year  in  counties  with 3,000,000 or more inhabitants, or if
12    any such county  is  divided  into  assessment  districts  as
13    provided  in  Sections  9-215 through 9-225, as soon as he or
14    she reasonably can in each general assessment year  in  those
15    districts,  the  assessor,  in  person  or  by  deputy, shall
16    actually view and determine as near as practicable the  value
17    of  each property listed for taxation as of January 1 of that
18    year, or  as  provided  in  Section  9-180,  and,  except  as
19    provided in subsection (b), assess the property at 33 1/3% of
20    its  fair  cash  value, or in accordance with Sections 10-110
21    through 10-140 and 10-170 through 10-200,  or  in  accordance
22    with a county ordinance adopted under Section 4 of Article IX
23    of  the  Constitution  of  Illinois.   The assessor or deputy
24    shall set down, in the books furnished for that  purpose  the
25    assessed  valuation of properties in one column, the assessed
26    value of improvements in another, and the total valuation  in
27    a separate column.
28        (b)  In  counties with 3,000,000 or more inhabitants, the
29    assessment made in each general assessment year shall  be  no
30    more  than a 5% increase over the assessment made in the most
31    recent general assessment year if:
 
                            -2-      LRB093 08363 SJM 08582 b
 1             (1)  the  property  is  classified  as   residential
 2        property; and
 3             (2)  the  owner  of  the  property  has continuously
 4        occupied the residence for at least 5  years  immediately
 5        prior to the general assessment year.
 6    (Source: P.A. 86-1481; 87-1189; 88-455.)

 7        Section  99.  Effective date.  This Act takes effect upon
 8    becoming law.