Illinois General Assembly - Bill Status for HB4780
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 Bill Status of HB4780  94th General Assembly

Short Description:  PROP TX-ASSESSMENTS

House Sponsors
Rep. Elaine Nekritz

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/12-37 new
35 ILCS 200/16-185
35 ILCS 200/23-20

Synopsis As Introduced
Amends the Property Tax Code. Provides that whenever, as the result of a final order of the Property Tax Appeal Board or any court, a property assessment is reduced for a tax year for which the taxes have already been paid and the subject property is still owned by the same person, entity, or a successor entity, the chief county assessment officer shall award to the taxpayer obtaining the order a compensatory assessment reduction for the next assessment year available for assessment adjustment. Provides that the amount of the compensatory assessment reduction shall be equal to the assessment reduction for the prior year or years as ordered by Property Tax Appeal Board or court and provides that the amount may be carried forward. Provides that the award of compensatory assessment reductions shall take place prior to and shall be considered in the determination of tax rates by the county clerk. Provides that the award of compensatory assessment reductions shall not affect the determination of the fair market value of the subject property or its assessed valuation once the compensatory assessment reductions have been exhausted.

DateChamber Action
  1/18/2006HouseFiled with the Clerk by Rep. Elaine Nekritz
  1/18/2006HouseFirst Reading
  1/18/2006HouseReferred to Rules Committee
  1/9/2007HouseSession Sine Die

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