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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4509 Introduced , by Rep. Nick Sauer SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. In a Section providing that in counties with a population of under 3,000,000, certain reduced assessments shall remain in place unless there is substantial cause shown why the reduced assessment should not remain in effect, provides a non-exclusive list of substantial causes. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB4509 | | LRB100 16503 HLH 31635 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 16-80 as follows:
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| 6 | | (35 ILCS 200/16-80)
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| 7 | | Sec. 16-80. Reduced assessment of homestead property. In |
| 8 | | any county
with
fewer than 3,000,000 inhabitants, if
the board |
| 9 | | of review
lowers the assessment of a particular parcel on which |
| 10 | | a
residence occupied by
the owner is situated, the reduced |
| 11 | | assessment, subject to equalization, shall
remain in effect for |
| 12 | | the remainder of the general assessment period as provided
in |
| 13 | | Sections 9-215 through 9-225, unless the taxpayer, county |
| 14 | | assessor, or
other interested party
can show substantial cause |
| 15 | | why the reduced assessment should not remain in
effect, such as |
| 16 | | a change in physical characteristics or condition, factual |
| 17 | | error, or if the parcel is subsequently sold in an arm's length |
| 18 | | transaction establishing a fair cash value for the parcel that |
| 19 | | is different from the fair cash value on which the Board's |
| 20 | | assessment is based, or unless the decision of the board is |
| 21 | | reversed or modified upon
review.
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| 22 | | (Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff. |
| 23 | | 8-14-96.)
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