Bill Status of HB 2968   98th General Assembly


Short Description:  PROP TX-SUBDIVISIONS

House Sponsors
Rep. Robert W. Pritchard

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/10-30
35 ILCS 200/10-31

Synopsis As Introduced
Amends the Property Tax Code. Provides that, through December 31, 2015, the assessed valuation of certain platted and subdivided property shall be determined based on the last assessed value assigned to the property prior to its last transfer or conveyance, not including the following transfers and conveyances: (i) the transfer to a holder of a mortgage pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure; (ii) the transfer to an agent or affiliate of a mortgage holder for the purposes of property management following a mortgage foreclosure proceeding or a transfer in lieu of foreclosure; or (iii) an initial sale of any platted lot. Provides that, beginning on January 1, 2016 (instead of January 1, 2012), the assessed valuation of that property shall be determined each year based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting. Effective immediately.

Actions 
DateChamber Action
  2/26/2013HouseFiled with the Clerk by Rep. Robert W. Pritchard
  2/26/2013HouseFirst Reading
  2/26/2013HouseReferred to Rules Committee
  3/4/2013HouseAssigned to Revenue & Finance Committee
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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