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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0504 Introduced 01/31/11, by Rep. Michael J. Madigan 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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| | HB0504 | | LRB097 03311 HLH 43348 b |
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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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 1-55 as follows:
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| 6 | | (35 ILCS 200/1-55)
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| 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.)
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