95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2478

 

Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley

 

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%".


LRB095 00896 BDD 20898 b

 

 

A BILL FOR

 

HB2478 LRB095 00896 BDD 20898 b

1     AN ACT concerning revenue.
 
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
5 Section 1-55 as follows:
 
6     (35 ILCS 200/1-55)
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 studies
9 for the 3 most recent years preceding the assessment year,
10 adjusted to take into account any changes in assessment levels
11 implemented since the data for the studies were collected.
12 (Source: P.A. 86-1481; 87-877; 88-455.)