96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5116

 

Introduced 1/29/2010, by Rep. Sandra M. Pihos

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/1-50

    Amends the Property Tax Code. Provides that, if in any taxable year, the county assessor of any county determines that housing values in that county have declined by 10% or more in any 12-month period ending during that taxable year, the county assessor may declare a housing assessment emergency in that county for that taxable year. Provides that the housing assessment emergency shall be lifted whenever the county assessor determines that housing values have returned to the level established in the 12-month period prior to the declaration of the housing assessment emergency. Provides that, if a housing assessment emergency is in place, the county assessor may use changes in the fair cash value of any parcel of residential property located within the jurisdiction of the assessor when determining the fair cash value of any other parcel of residential property located within the jurisdiction of the assessor, regardless of size, value, or geographic location of the property. Effective immediately.


LRB096 16733 HLH 32025 b

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

 

 

A BILL FOR

 

HB5116 LRB096 16733 HLH 32025 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 1-50 as follows:
 
6     (35 ILCS 200/1-50)
7     Sec. 1-50. Fair cash value. The amount for which a property
8 can be sold in the due course of business and trade, not under
9 duress, between a willing buyer and a willing seller.
10     If in any taxable year, the county assessor of any county
11 determines that housing values in that county have declined by
12 10% or more in any 12-month period ending during that taxable
13 year, the county assessor may declare a housing assessment
14 emergency in that county for that taxable year. The housing
15 assessment emergency shall be lifted whenever the county
16 assessor determines that housing values have returned to the
17 level established in the 12-month period prior to the
18 declaration of the housing assessment emergency. During any
19 taxable year in which a housing assessment emergency is in
20 place, the county assessor may use changes in the fair cash
21 value of any parcel of residential property located within the
22 jurisdiction of the assessor when determining the fair cash
23 value of any other parcel of residential property located

 

 

HB5116 - 2 - LRB096 16733 HLH 32025 b

1 within the jurisdiction of the assessor, regardless of size,
2 value, or geographic location of the property.
3 (Source: P.A. 88-455.)
 
4     Section 99. Effective date. This Act takes effect upon
5 becoming law.