HB5116 96TH GENERAL ASSEMBLY

LRB096 16733 HLH 32025 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5116

Introduced 1/29/2010, by Rep. Sandra M. Pihos

SYNOPSIS AS INTRODUCED:

35 ILCS 200/1-50

Amends the Property Tax Code. Provides that, if in any taxable year, the county assessor of any county determines that housing values in that county have declined by 10% or more in any 12-month period ending during that taxable year, the county assessor may declare a housing assessment emergency in that county for that taxable year. Provides that the housing assessment emergency shall be lifted whenever the county assessor determines that housing values have returned to the level established in the 12-month period prior to the declaration of the housing assessment emergency. Provides that, if a housing assessment emergency is in place, the county assessor may use changes in the fair cash value of any parcel of residential property located within the jurisdiction of the assessor when determining the fair cash value of any other parcel of residential property located within the jurisdiction of the assessor, regardless of size, value, or geographic location of the property. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Property Tax Code is amended by changing Section 1-50 as follows:

(35 ILCS 200/1-50)

Sec. 1-50. Fair cash value. The amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller.

If in any taxable year, the county assessor of any county determines that housing values in that county have declined by 10% or more in any 12-month period ending during that taxable year, the county assessor may declare a housing assessment emergency in that county for that taxable year. The housing assessment emergency shall be lifted whenever the county assessor determines that housing values have returned to the level established in the 12-month period prior to the declaration of the housing assessment emergency. During any taxable year in which a housing assessment emergency is in place, the county assessor may use changes in the fair cash value of any parcel of residential property located within the jurisdiction of the assessor when determining the fair cash value of any other parcel of residential property located within the jurisdiction of the assessor, regardless of size, value, or geographic location of the property.

(Source: P.A. 88-455.)

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