94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1276

 

Introduced 2/9/2005, by Rep. Wyvetter H. Younge

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/1-55

    Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".


LRB094 07644 BDD 37817 b

 

 

A BILL FOR

 

HB1276 LRB094 07644 BDD 37817 b

1     AN ACT in relation to property taxes.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Property Tax Code is amended by changing
5 Section 1-55 as follows:
 
6     (35 ILCS 200/1-55)
7     Sec. 1-55. 33 1/3%. "33 1/3%" means one-third of the fair
8 cash value of property, as determined by the Department's sales
9 ratio studies for the 3 most recent years preceding the
10 assessment year, adjusted to take into account any changes in
11 assessment levels implemented since the data for the studies
12 were collected.
13 (Source: P.A. 86-1481; 87-877; 88-455.)