97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5049
 
Introduced 2/7/2012, by Rep. Dennis M. Reboletti
 
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 prior year (under the current law, the fair cash value is based on the sales ratio studies).



LRB097 16828 HLH 62010 b

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


HB5049LRB097 16828 HLH 62010 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 prior year.

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