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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB3579 Introduced , by Rep. Michael P. McAuliffe SYNOPSIS AS INTRODUCED: |
| | 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.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB3579 | | LRB099 07749 HLH 27882 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,
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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 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 .
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16 | | (Source: P.A. 86-1481; 87-877; 88-455.)
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17 | | Section 99. Effective date. This Act takes effect upon |
18 | | becoming law.
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