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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2506
Introduced 2/3/2004, by John J. Cullerton 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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SB2506 |
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LRB093 18133 SJM 43825 b |
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| AN ACT concerning property taxes.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing
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| Section 1-55 as follows:
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| (35 ILCS 200/1-55)
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| Sec. 1-55. 33 1/3%.
"33 1/3%" means one-third of the fair |
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| cash value of
property, as
determined by the Department's sales |
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| ratio studies for the 3 most recent years
preceding the |
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| assessment year, adjusted to take into account any changes in
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| assessment levels implemented since the data for the studies |
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| were collected.
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| (Source: P.A. 86-1481; 87-877; 88-455.)
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