Full Text of SB3326 103rd General Assembly
SB3326 103RD GENERAL ASSEMBLY | | | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB3326 Introduced 2/7/2024, by Sen. Steve Stadelman SYNOPSIS AS INTRODUCED: | | | Amends the Property Tax Code. Provides that, in counties with fewer than 3,000,000 inhabitants, the amount in the indemnity fund shall not be less than 0.03% of the total equalized assessed valuation of the property in the county or $25,000 (currently, $50,000), whichever is greater. |
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| | A BILL FOR |
| | | | SB3326 | | LRB103 38413 HLH 68548 b |
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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 21-300 as follows: | 6 | | (35 ILCS 200/21-300) | 7 | | Sec. 21-300. Amount to be retained in indemnity fund. | 8 | | (a) The county board in each county shall determine the | 9 | | amount of the fund to be maintained in that county . In counties | 10 | | with fewer than 3,000,000 inhabitants, that amount shall not | 11 | | be less than 0.03% of the total assessed valuation, as | 12 | | equalized by the Department, of the property in the county, or | 13 | | $25,000, whichever is greater. In counties with 3,000,000 or | 14 | | more inhabitants, the , which amount shall not be less than | 15 | | 0.03% of the total assessed valuation, as equalized by the | 16 | | Department, of property within the county County , or $50,000, | 17 | | whichever is greater . In counties with fewer than 3,000,000 | 18 | | inhabitants, the balance of the fund , and shall not be greater | 19 | | than $1,000,000 . In counties with 3,000,000 or more | 20 | | inhabitants, the balance of the fund shall not be in counties | 21 | | with less than 3,000,000 inhabitants, and not greater than | 22 | | $2,000,000 in counties with 3,000,000 or more inhabitants . Any | 23 | | moneys accumulated by the County Treasurer in excess of the |
| | | SB3326 | - 2 - | LRB103 38413 HLH 68548 b |
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| 1 | | amount so established, as trustee of the fund, shall be paid by | 2 | | him or her annually to the general fund of the County. | 3 | | (b) In counties in which a Tort Liability Fund is | 4 | | established, all sums of money received under subsection (a) | 5 | | of Section 21-295 may be deposited in the general fund of the | 6 | | county for general county governmental purposes, if the county | 7 | | board provides by ordinance that the indemnity required by | 8 | | this Section shall be provided by the Tort Liability Fund. | 9 | | (Source: P.A. 86-1028; 86-1431; 88-455.) |
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