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90_HB1720
35 ILCS 200/13-5
Amends the Property Tax Code. Makes technical changes in
the Section concerning reassessment in disaster areas.
LRB9002380KDsb
LRB9002380KDsb
1 AN ACT to amend the Property Tax Code by changing Section
2 13-5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 13-5 as follows:
7 (35 ILCS 200/13-5)
8 Sec. 13-5. Reassessment in disaster areas. In every
9 county that which has been declared a major disaster area by
10 the President of the United States or the Governor of the
11 State of Illinois, the chief county assessment officer, board
12 of review or board of appeals shall, upon application by the
13 property owner, make a reassessment of any taxable property
14 in the county that which was substantially damaged by the
15 disaster. The Department shall advise with the chief county
16 assessment officers, boards of review or boards of appeals of
17 the several counties involved in connection with such
18 reassessment.
19 In the reassessment, the value of the property shall be
20 determined as of the date of the declaration of the county as
21 a major disaster area. If the value of any property on that
22 date is, by reason of the disaster, less than the prior
23 assessment, the assessment for that year shall be arrived at
24 by dividing by 365 the sum of the 2 products obtained (a) by
25 multiplying the prior assessment by the number of days from
26 January 1 of that year to the date of the declaration and (b)
27 by multiplying the value of the property as of the date of
28 the declaration by the number of days from the date of the
29 declaration to December 31 of that year.
30 If the reassessment and computations occur prior to the
31 adjournment of the current board of review or board of
-2- LRB9002380KDsb
1 appeals, the assessment of the property shall be reduced
2 accordingly. If the board of review or board of appeals has
3 adjourned at the time of the declaration, the Department
4 shall convene the board of review or board of appeals to make
5 the reassessment of property applied for after that
6 adjournment.
7 (Source: P.A. 83-121; 88-455.)