HB0250ham002 96TH GENERAL ASSEMBLY

Rep. Kevin Joyce

Filed: 4/1/2009

09600HB0250ham002 LRB096 04406 HLH 24991 a

AMENDMENT TO HOUSE BILL 250

AMENDMENT NO. ______. Amend House Bill 250 on page 2, by replacing lines 7 through 11 with the following:

"(b) On or before October 1, 2009, the county assessor shall reassess all commercial, industrial, and residential property in the county for which 2009 is not a general assessment year. The reassessments shall be based upon data that uses the most recent ascertainable sales and market data available, including sales that have occurred both before and after the January 1, 2009 lien date. In arriving at fair market value, sales prices of property not reflective of market values should be eliminated or adjusted to remove the effect of factors that may distort those values, including, but not limited to, sales to related parties, property assemblages, foreclosure or other forced sales, or sales reflecting market values influenced by misrepresentation or fraud. In the 2 years subsequent to this reassessment only, an annual factor may be applied to property within the county, provided all of the following requirements are met before a factor is applied:

(1) No factor shall be applied to any property within the county if the preceding year's equalization factor for the county as determined by the Illinois Department of Revenue was 2.475 or higher.

(2) Factors must be calculated based upon the most recent ascertainable sales and market data available within a specific assessor neighborhood code and sub-classification of property, and must be applied on that localized basis of combined neighborhood code and sub-classification.

(3) Factors must be initially proposed by the local township assessor or, in cases where there is no local township assessor, then a factor may be initially proposed by the county assessor or supervisor of assessments.

(4) Each taxpayer to be affected shall be given individual notice specifying the reason for the application of a factor and the basis or bases upon which the factor was derived, including references to any data used to support the calculation of the factor, the amount of the factor, and the appeal process and time-line available to the taxpayer to object to the factor and its resulting reassessment value. This notice shall be mailed 30 days prior to the factor hearing described in sub-paragraph (6) of this Section.

(5) The county assessor shall publish the data used to calculate the factor and make all underlying data used, and all data considered but ultimately determined to be excluded, available for inspection, copying, and review by all taxpayers, at no cost to the taxpayers or to their duly authorized representatives.

(6) Factors are required to be approved at a public hearing before the Commissioners of the Board of Review, prior to their imposition. At this hearing, the county assessor shall testify under oath concerning the data the assessor's office used, more particularly described in sub-paragraph (2) of this Section, shall verify the source and accuracy of this information, and shall explain the conclusions reached necessitating the request for a factor to be imposed upon a particular sub-classification in an assessor neighborhood code. Any taxpayer within the county shall have standing at this hearing to object to the county assessor's request for imposition of any factor, and shall be allowed to present evidence supporting the taxpayer's claim. If the Commissioners of the Board of Review do not approve a factor by unanimous vote, then no factor shall be applied to that sub-classification of property in that assessor neighborhood code for that year.".