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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,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | ||||||
| 5 | Section 9-265 as follows:
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| 6 | (35 ILCS 200/9-265)
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| 7 | Sec. 9-265. Omitted property; interest; change in exempt | ||||||
| 8 | use or ownership.
If any property is omitted in the assessment | ||||||
| 9 | of any year or years, so that the
taxes, for which the property | ||||||
| 10 | was liable, have not been paid, or if by reason
of defective | ||||||
| 11 | description or assessment, taxes on any property for any year | ||||||
| 12 | or
years have not been paid, or if any taxes are refunded under | ||||||
| 13 | subsection (b) of
Section 14-5 because the taxes were assessed | ||||||
| 14 | in the wrong person's name, the
property, when discovered, | ||||||
| 15 | shall be listed and assessed by the board of review
or, in | ||||||
| 16 | counties with 3,000,000 or more inhabitants, by the county | ||||||
| 17 | assessor
either on his
or her own initiative or when so | ||||||
| 18 | directed by the board of appeals or board of
review. The board | ||||||
| 19 | of review in counties with less than 3,000,000 inhabitants or | ||||||
| 20 | the county assessor in counties with 3,000,000 or more | ||||||
| 21 | inhabitants may develop reasonable procedures for the | ||||||
| 22 | valuation of omitted property under this Division. For purposes
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| 23 | of this Section, "defective description or assessment" | ||||||
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| 1 | includes a description
or assessment which omits all the | ||||||
| 2 | improvements thereon as a result of which
part of the taxes on | ||||||
| 3 | the total value of the property as improved remain unpaid.
In | ||||||
| 4 | the case of property subject to assessment by the Department, | ||||||
| 5 | the property
shall be listed and assessed by the Department. | ||||||
| 6 | All such property shall be
placed on the assessment and tax | ||||||
| 7 | books. The arrearages of taxes which might
have been assessed, | ||||||
| 8 | with 10% interest thereon for each year or portion thereof
from | ||||||
| 9 | 2 years after the time the first correct tax bill ought to have | ||||||
| 10 | been
received, shall be charged against the property by the | ||||||
| 11 | county clerk.
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| 12 | When property or acreage omitted by either incorrect survey | ||||||
| 13 | or other
ministerial assessor error is discovered and the owner | ||||||
| 14 | has paid its tax
bills as received for the year or years of | ||||||
| 15 | omission of the parcel, then the
interest authorized by this | ||||||
| 16 | Section shall not be chargeable to the owner.
However, nothing | ||||||
| 17 | in this Section shall prevent the collection of the principal
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| 18 | amount of back taxes due and owing.
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| 19 | If any property listed as exempt by the chief county | ||||||
| 20 | assessment officer
has a change in use, a change in leasehold | ||||||
| 21 | estate, or a change in titleholder
of record by purchase, | ||||||
| 22 | grant, taking or transfer, it shall be the obligation
of the | ||||||
| 23 | transferee to notify the chief county assessment officer in | ||||||
| 24 | writing
within 30 days of the change. The notice shall be sent | ||||||
| 25 | by certified mail,
return receipt requested, and shall include | ||||||
| 26 | the name and address of the
taxpayer, the legal description of | ||||||
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| 1 | the property, and the property index number
of the property | ||||||
| 2 | when an index number exists. If the failure to give the
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| 3 | notification results in the assessing official continuing to | ||||||
| 4 | list the property
as exempt in subsequent years, the property | ||||||
| 5 | shall be considered omitted
property for purposes of this Code.
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| 6 | (Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff. | ||||||
| 7 | 8-14-96.)
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