GIGLIO. 35 ILCS 200/9-148 new Amends the Property Tax Code. Provides that beginning with the 1998 levy year, in making assessments under this Code, the assessor shall not increase the assessed value of a tract or lot of land by more than 5% over the assessed value of the tract or lot of land in the previous year unless (i) the amount of the increase in value that exceeds 5% is due to new or added buildings, structures, or other improvements of any kind whose value was not previously added to or included in the valuation of the tract or lot or (ii) the amount of the increase in value that exceeds 5% was established in the sale of the property in an arms length transaction. Effective immediately. 98-02-17 H FILED WITH CLERK 98-02-17 H FIRST READING 98-02-17 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary