97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3555
 
Introduced 2/24/2011, by Rep. Sidney H. Mathias - Chris Nybo
 
SYNOPSIS AS INTRODUCED:
 


  
35 ILCS 200/1-55
    Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1)  the Department of Revenue's sales ratio studies for the 3 most recent years
preceding the assessment year; or (2) the valuation of the property in the  year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies).  Effective immediately.



LRB097 06201 HLH 46276 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 


HB3555LRB097 06201 HLH 46276 b



1    AN ACT concerning revenue.

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


 
4    Section 5. The Property Tax Code is amended  by changing 
5Section 1-55 as follows:
 



6    (35 ILCS 200/1-55)



7    Sec. 1-55. 33 1/3%. One-third of the fair cash value of 
8property, as
determined by the lesser of:
9        (1) the Department's sales ratio studies for the 3 most 
10    recent years
preceding the assessment year, adjusted to 
11    take into account any changes in
assessment levels 
12    implemented since the data for the studies were collected; 
13    or
14        (2) the valuation of the property in the year 
15    immediately preceding the assessment year.

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


 
17    Section 99. Effective date. This Act takes effect upon 
18becoming law.