Full Text of SB2695 103rd General Assembly
SB2695 103RD GENERAL ASSEMBLY | | | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB2695 Introduced 1/10/2024, by Sen. Julie A. Morrison SYNOPSIS AS INTRODUCED: | | | Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately. |
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue. | 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly: | 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 9-145 as follows: | 6 | | (35 ILCS 200/9-145) | 7 | | Sec. 9-145. Statutory level of assessment. Except in | 8 | | counties with more than 200,000 inhabitants which classify | 9 | | property for purposes of taxation, property shall be valued as | 10 | | follows: | 11 | | (a) Each tract or lot of property shall be valued at 33 | 12 | | 1/3% of its fair cash value. | 13 | | (b) Each taxable leasehold estate shall be valued at | 14 | | 33 1/3% of its fair cash value. | 15 | | (c) Each building or structure which is located on the | 16 | | right of way of any canal, railroad or other company | 17 | | leased or granted to another company or person for a term | 18 | | of years, shall be valued at 33 1/3% of its fair cash | 19 | | value. | 20 | | (d) Any property on which there is a coal or other | 21 | | mine, or stone or other quarry, shall be valued at 33 1/3% | 22 | | of its fair cash value. Oil, gas and other minerals, | 23 | | except coal, shall have value and be assessed separately |
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| 1 | | at 33 1/3% of the fair cash value of such oil, gas and | 2 | | other minerals. Coal shall be assessed separately at 33 | 3 | | 1/3% of the coal reserve economic value, as provided in | 4 | | Sections 10-170 through 10-200. | 5 | | (e) In the assessment of property encumbered by public | 6 | | easement, any depreciation occasioned by such easement | 7 | | shall be deducted in the valuation of such property. Any | 8 | | property dedicated as a nature preserve or as a nature | 9 | | preserve buffer under the Illinois Natural Areas | 10 | | Preservation Act, for the purposes of this paragraph, is | 11 | | encumbered by a public easement and shall be depreciated | 12 | | for assessment purposes to a level at which its valuation | 13 | | shall be $1 per acre or portion thereof. | 14 | | (f) For assessment years following the next general | 15 | | assessment after the effective date of this amendatory Act | 16 | | of the 103rd General Assembly, no increase in assessment | 17 | | may exceed 20% per year unless at least one of the | 18 | | following factors is met: | 19 | | (1) the property is sold, transferred, or conveyed | 20 | | during the taxable year, in which case it shall be | 21 | | reassessed based on its value as of the date of sale, | 22 | | transfer, or conveyance; | 23 | | (2) significant improvements were made to the | 24 | | property; | 25 | | (3) a homestead exemption or other preferential | 26 | | method of assessment was removed with respect to that |
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| 1 | | property during the taxable year; or | 2 | | (4) the increase was due to an equalization factor | 3 | | imposed by the township, county, or Department of | 4 | | Revenue. | 5 | | The property owner may request from the chief county | 6 | | assessment officer reasonable proof that an increase in an | 7 | | assessment of more than 20% is due to one of the items | 8 | | listed in paragraphs (1) through (4). | 9 | | This Section is subject to and modified by Sections 10-110 | 10 | | through 10-140 and 11-5 through 11-65. | 11 | | (Source: P.A. 91-497, eff. 1-1-00.) | 12 | | Section 99. Effective date. This Act takes effect upon | 13 | | becoming law. |
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