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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0740 Introduced 2/10/2021, by Rep. Will Guzzardi SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Makes a technical change in a Section
concerning the definition of "33 1/3%".
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| | A BILL FOR |
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| | HB0740 | | LRB102 15787 HLH 21154 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 1-55 as follows:
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| 6 | | (35 ILCS 200/1-55)
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| 7 | | Sec. 1-55. 33 1/3%. One-third of the
the fair cash value of |
| 8 | | property, as
determined by the Department's sales ratio |
| 9 | | studies for the 3 most recent years
preceding the assessment |
| 10 | | year, adjusted to take into account any changes in
assessment |
| 11 | | levels implemented since the data for the studies were |
| 12 | | collected. |
| 13 | | (Source: P.A. 86-1481; 87-877; 88-455.)
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