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| | SB3455 Enrolled | | LRB103 36901 HLH 67014 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 Department of Revenue Law of the Civil |
| 5 | | Administrative Code of Illinois is amended by adding Section |
| 6 | | 2505-815 as follows:
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| 7 | | (20 ILCS 2505/2505-815 new) |
| 8 | | Sec. 2505-815. Property tax system study. The Department, |
| 9 | | in consultation with the Department of Commerce and Economic |
| 10 | | Opportunity, shall conduct a study to evaluate the property |
| 11 | | tax system in the State and shall analyze any information |
| 12 | | collected in connection with that study. The Department may |
| 13 | | also examine whether the existing property tax levy, |
| 14 | | assessment, appeal, and collection process is reasonable and |
| 15 | | fair and may issue recommendations to improve that process. |
| 16 | | For purposes of conducting the study and analyzing the data |
| 17 | | required under this Section, the Department may determine the |
| 18 | | scope of the historical data necessary to complete the study, |
| 19 | | but in no event shall the scope or time period be less than the |
| 20 | | 10 most recent tax years for which the Department has complete |
| 21 | | data. The study shall include, but need not be limited to, the |
| 22 | | following: |
| 23 | | (1) a comprehensive review of the classification |
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| | SB3455 Enrolled | - 2 - | LRB103 36901 HLH 67014 b |
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| 1 | | system used by Cook County in assessing real property in |
| 2 | | Cook County compared with the rest of the State, |
| 3 | | including, but not limited to, a projection of the impact, |
| 4 | | if any, that the assessment of real property in Cook |
| 5 | | County would exhibit if the classification system were to |
| 6 | | be phased-out and transitioned to a uniform level of |
| 7 | | assessment, and the impact, if any, that the Cook County |
| 8 | | classification system has or has had on economic |
| 9 | | development or job creation in the county; |
| 10 | | (2) a comprehensive review of State laws concerning |
| 11 | | the appeal of assessments at the local and State level and |
| 12 | | State laws concerning the collection of property taxes, |
| 13 | | including any issues that have resulted in delays in |
| 14 | | issuing property tax bills; |
| 15 | | (3) a comprehensive review of statewide assessment |
| 16 | | processes, including a comparison of assessment process in |
| 17 | | Cook County and other counties and practices in other |
| 18 | | states that allow for standardized assessment processes; |
| 19 | | (4) a comprehensive review of current property tax |
| 20 | | homestead exemptions, the impact of those exemptions, and |
| 21 | | the administration or application of those exemptions; |
| 22 | | (5) an analysis of preferential assessments or |
| 23 | | incentives, including, but not limited to, the resultant |
| 24 | | economic impact from preferential assessments; and |
| 25 | | (6) a review of the State's reliance on property taxes |
| 26 | | and the historical growth in property tax levies. |
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| 1 | | The Department may consult with Illinois institutions of |
| 2 | | higher education in conducting the study required under this |
| 3 | | Section. The Department may also consult with units of local |
| 4 | | government. To the extent practicable and where applicable, |
| 5 | | the Department may request relevant, publicly available |
| 6 | | property tax information from units of local government, |
| 7 | | including counties and municipalities, that is deemed |
| 8 | | necessary to complete the study required pursuant to this |
| 9 | | Section. Units of local government that are required to submit |
| 10 | | property tax information to the Department must do so in a |
| 11 | | reasonably expedient manner, to the extent possible, but in no |
| 12 | | event later than 60 days after the date upon which the |
| 13 | | Department requests that relevant information. |
| 14 | | The Department may complete a preliminary report that may |
| 15 | | be made available for public inspection via electronic means |
| 16 | | prior to the publication of the final report under this |
| 17 | | Section. The Department shall complete and submit the final |
| 18 | | report under this Section to the Governor and the General |
| 19 | | Assembly by July 1, 2026. A copy of both the preliminary |
| 20 | | report, if made available by the Department, and the final |
| 21 | | report shall be made available to the public via electronic |
| 22 | | means. The Department may allow for the submission of public |
| 23 | | comments from individuals, organizations, or associations |
| 24 | | representing residential property owners, commercial property |
| 25 | | owners, units of local government, or labor unions in Illinois |
| 26 | | prior to finalizing the final report under this Section and |