Bill Status of HB5355 96th General Assembly
Short Description: PROP TAX-COOK ASSESSMENTS
Rep. John A. Fritchey - Kevin Joyce - Greg Harris - Sara Feigenholtz
| 1/11/2011||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Acquisition-Based Assessment Law and amends the Property Tax Code concerning acquisition-based assessments. Sets forth an alternative method of calculating fair cash value based on recent purchase prices, subject to certain maximum changes. Provides that the alternative valuation procedures apply in Cook County and in other counties that adopt those procedures by ordinance. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.