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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB1578 Introduced 2/13/2013, by Sen. Donne E. Trotter SYNOPSIS AS INTRODUCED: | | |
Amends the Property Tax Code. Makes a technical change in a Section
concerning the definition of "33 1/3%".
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| | A BILL FOR |
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| | SB1578 | | LRB098 10357 HLH 40544 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The Property Tax Code is amended by changing |
5 | | Section 1-55 as follows:
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6 | | (35 ILCS 200/1-55)
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7 | | Sec. 1-55. 33 1/3%. One-third of the
the fair cash value of |
8 | | property, as
determined by the Department's sales ratio studies |
9 | | for the 3 most recent years
preceding the assessment year, |
10 | | adjusted to take into account any changes in
assessment levels |
11 | | implemented since the data for the studies were collected. |
12 | | (Source: P.A. 86-1481; 87-877; 88-455.)
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