HB4912 95TH GENERAL ASSEMBLY

LRB095 19575 BDD 45901 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4912

Introduced , by Rep. Timothy L. Schmitz

SYNOPSIS AS INTRODUCED:

20 ILCS 2505/2505-560 new

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Requires the Department of Revenue to conduct a study to determine the effects and feasibility of assessing property in the State at 100% rather than at 33 1/3% of its fair cash value. Requires the Department to submit a report to the Governor and the General Assembly no later than January 1, 2009 concerning the study. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Department of Revenue Law of the Civil Administrative Code of Illinois is amended by adding Section 2505-560 as follows:

(20 ILCS 2505/2505-560 new)

Sec. 2505-560. Study concerning property tax assessment procedures. The Department must conduct a study to determine the effects and feasibility of assessing property in the State at 100% rather than at 33 1/3% of its fair cash value. The study must consider, without limitation, the effect that the change in valuation would have on property tax rates, the distribution of the property tax burden on taxpayers, and the value of exemptions. No later than January 1, 2009, the Department must submit a report to the Governor and the General Assembly concerning the study under this Section.

Section 99. Effective date. This Act takes effect upon becoming law.