SB0936 100TH GENERAL ASSEMBLY

LRB100 09565 HLH 19732 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0936

Introduced 2/7/2017, by Sen. Dan McConchie

SYNOPSIS AS INTRODUCED:

35 ILCS 200/16-80

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Property Tax Code is amended by changing Section 16-80 as follows:

(35 ILCS 200/16-80)

Sec. 16-80. Reduced assessment of homestead property. In any county with fewer than 3,000,000 inhabitants, if the board of review lowers the assessment of a particular parcel on which a residence occupied by the owner is situated, the reduced assessment, subject to equalization, shall remain in effect for the remainder of the general assessment period as provided in Sections 9-215 through 9-225, unless the taxpayer, county assessor, or other interested party can show substantial cause why the reduced assessment should not remain in effect, such as a change in physical characteristics or condition, factual error, or if the parcel is subsequently sold in an arm's length transaction establishing a fair cash value for the parcel that is different from the fair cash value on which the Board's assessment is based, or unless the decision of the board is reversed or modified upon review.

(Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff. 8-14-96.)

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