94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1276


 
Introduced 2/9/2005, by Rep. Wyvetter H. Younge
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/1-55










    Amends the Property Tax Code.  Makes a technical change in a Section
concerning the definition of "33 1/3%".
















LRB094 07644 BDD 37817 b

















 


 


A BILL FOR









 











HB1276

LRB094 07644 BDD 37817 b






1
    AN ACT in relation to property taxes. 

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
4
    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 
9
ratio studies for the 3 most recent years
preceding the 
10
assessment year, adjusted to take into account any changes in

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assessment levels implemented since the data for the studies 
12
were collected.


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(Source: P.A. 86-1481; 87-877; 88-455.)