98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB3498
 
Introduced 2/14/2014, by Sen. Matt Murphy
 
SYNOPSIS AS INTRODUCED:
 

 
  
35 ILCS 200/9-145

     Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 2% per year. Provides exceptions for the valuation of property that is sold, transferred, or conveyed during the taxable year and for new improvements.
  


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

  
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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 9-145 as follows:
 



6    (35 ILCS 200/9-145)



7    Sec. 9-145. Statutory level of assessment. Except in 
8counties with more
than 200,000 inhabitants which classify 
9property for purposes of taxation,
property shall be valued as 
10follows:


11        (a) Each tract or lot of property shall be valued at 33 
12    1/3% of its fair
cash value.


13        (b) Each taxable leasehold estate shall be valued at 33 
14    1/3% of
its fair cash value.


15        (c) Each building or structure which is located on the 
16    right of
way of any canal, railroad or other company leased 
17    or granted to another
company or person for a term of 
18    years, shall be valued at 33 1/3% of its
fair cash value.


19        (d) Any property on which there is a coal or other 
20    mine, or stone or other
quarry, shall be valued at 33 1/3% 
21    of its fair cash value.  Oil, gas and other
minerals, except 
22    coal, shall have value and be assessed separately at 33 
23    1/3%
of the fair cash value of such oil, gas and other 
 
 
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1    minerals.  Coal shall be
assessed separately at 33 1/3% of 
2    the coal reserve economic value, as provided
in Sections 
3    10-170 through 10-200.


4        (e) In the assessment of property encumbered by public 
5    easement,
any depreciation occasioned by such easement 
6    shall be deducted in the
valuation of such property.  Any 
7    property dedicated as a nature preserve
or as a nature 
8    preserve buffer
under the Illinois Natural Areas 
9    Preservation Act, for the purposes of
this paragraph, is 
10    encumbered by a public easement and shall be depreciated

11    for assessment purposes to a level at which its valuation 
12    shall be $1
per acre or portion thereof.
13        (f) For assessment years following the next general 
14    assessment after the effective date of this amendatory Act 
15    of the 98th General Assembly, except as otherwise provided 
16    in this subsection, no increase in assessment may exceed 2% 
17    per year. Property that is sold, transferred, or conveyed 
18    during the taxable year shall be reassessed based on its 
19    value as of the date of sale, transfer, or conveyance.  
20    Property that is newly improved with a building, structure, 
21    or other improvement that increases the assessed value of 
22    the property during the taxable year shall be reassessed 
23    based on the value of the improvement. 

24    This Section is subject to and modified by Sections 10-110 
25through 10-140 and
11-5 through 11-65.

26(Source: P.A. 91-497, eff. 1-1-00.)