Full Text of HB0250 96th General Assembly
HB0250ham002 96TH GENERAL ASSEMBLY
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Rep. Kevin Joyce
Filed: 4/1/2009
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09600HB0250ham002 |
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LRB096 04406 HLH 24991 a |
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| AMENDMENT TO HOUSE BILL 250
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| AMENDMENT NO. ______. Amend House Bill 250 on page 2, by | 3 |
| replacing lines 7 through 11 with the following:
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| " (b) On or before October 1, 2009, the county assessor | 5 |
| shall reassess all commercial, industrial, and residential | 6 |
| property in the county for which 2009 is not a general | 7 |
| assessment year. The reassessments shall be based upon data | 8 |
| that uses the most recent ascertainable sales and market data | 9 |
| available, including sales that have occurred both before and | 10 |
| after the January 1, 2009 lien date. In arriving at fair market | 11 |
| value, sales prices of property not reflective of market values | 12 |
| should be eliminated or adjusted to remove the effect of | 13 |
| factors that may distort those values, including, but not | 14 |
| limited to, sales to related parties, property assemblages, | 15 |
| foreclosure or other forced sales, or sales reflecting market | 16 |
| values influenced by misrepresentation or fraud. In the 2 years | 17 |
| subsequent to this reassessment only, an annual factor may be | 18 |
| applied to property within the county, provided all of the |
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| following requirements are met before a factor is applied: | 2 |
| (1) No factor shall be applied to any property within | 3 |
| the county if the preceding year's equalization factor for | 4 |
| the county as determined by the Illinois Department of | 5 |
| Revenue was 2.475 or higher. | 6 |
| (2) Factors must be calculated based upon the most | 7 |
| recent ascertainable sales and market data available | 8 |
| within a specific assessor neighborhood code and | 9 |
| sub-classification of property, and must be applied on that | 10 |
| localized basis of combined neighborhood code and | 11 |
| sub-classification. | 12 |
| (3) Factors must be initially proposed by the local | 13 |
| township assessor or, in cases where there is no local | 14 |
| township assessor, then a factor may be initially proposed | 15 |
| by the county assessor or supervisor of assessments. | 16 |
| (4) Each taxpayer to be affected shall be given | 17 |
| individual notice specifying the reason for the | 18 |
| application of a factor and the basis or bases upon which | 19 |
| the factor was derived, including references to any data | 20 |
| used to support the calculation of the factor, the amount | 21 |
| of the factor, and the appeal process and time-line | 22 |
| available to the taxpayer to object to the factor and its | 23 |
| resulting reassessment value. This notice shall be mailed | 24 |
| 30 days prior to the factor hearing described in | 25 |
| sub-paragraph (6) of this Section. | 26 |
| (5) The county assessor shall publish the data used to |
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| calculate the factor and make all underlying data used, and | 2 |
| all data considered but ultimately determined to be | 3 |
| excluded, available for inspection, copying, and review by | 4 |
| all taxpayers, at no cost to the taxpayers or to their duly | 5 |
| authorized representatives. | 6 |
| (6) Factors are required to be approved at a public | 7 |
| hearing before the Commissioners of the Board of Review, | 8 |
| prior to their imposition. At this hearing, the county | 9 |
| assessor shall testify under oath concerning the data the | 10 |
| assessor's office used, more particularly described in | 11 |
| sub-paragraph (2) of this Section, shall verify the source | 12 |
| and accuracy of this information, and shall explain the | 13 |
| conclusions reached necessitating the request for a factor | 14 |
| to be imposed upon a particular sub-classification in an | 15 |
| assessor neighborhood code. Any taxpayer within the county | 16 |
| shall have standing at this hearing to object to the county | 17 |
| assessor's request for imposition of any factor, and shall | 18 |
| be allowed to present evidence supporting the taxpayer's | 19 |
| claim. If the Commissioners of the Board of Review do not | 20 |
| approve a factor by unanimous vote, then no factor shall be | 21 |
| applied to that sub-classification of property in that | 22 |
| assessor neighborhood code for that year. ".
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