96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4913

 

Introduced 1/15/2010, by Rep. Sidney H. Mathias

 

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 year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies). Effective immediately.


LRB096 15662 HLH 30898 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4913 LRB096 15662 HLH 30898 b

1     AN ACT concerning revenue.
 
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%. One-third of the fair cash value of
8 property, 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 year
15     immediately preceding the assessment year.
16 (Source: P.A. 86-1481; 87-877; 88-455.)
 
17     Section 99. Effective date. This Act takes effect upon
18 becoming law.