101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB0081

 

Introduced 1/23/2019, by Sen. Julie A. Morrison

 

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 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.


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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 101st General Assembly, no increase in assessment
16    may exceed 20% per year unless at least one of the
17    following factors is met:
18            (1) the property is sold, transferred, or conveyed
19        during the taxable year, in which case it shall be
20        reassessed based on its value as of the date of sale,
21        transfer, or conveyance;
22            (2) significant improvements were made to the
23        property;
24            (3) a homestead exemption or other preferential
25        method of assessment was removed with respect to that
26        property during the taxable year; or

 

 

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1            (4) the increase was due to an equalization factor
2        imposed by the township, county, or Department of
3        Revenue.
4        The property owner may request from the chief county
5    assessment officer reasonable proof that an increase in an
6    assessment of more than 20% is due to one of the items
7    listed in paragraphs (1) through (4).
8    This Section is subject to and modified by Sections 10-110
9through 10-140 and 11-5 through 11-65.
10(Source: P.A. 91-497, eff. 1-1-00.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.