MITCHELL,BILL. 35 ILCS 200/18-168 new 30 ILCS 805/8.24 new Amends the Property Tax Code. Provides that, for residential property, if the assessor fails to regularly assess the property on a timely basis as required by this Code and, after the delay in assessment, the property is then assessed at a higher value than the previous assessment, then, for taxable years 2000 and thereafter, for the first year of increased taxes as a result of the increased assessment, the county clerk shall abate the property taxes in an amount equal to two-thirds of the difference in the tax bill between the amount owed before the increased assessment and the amount owed after the increased assessment, for the second year of increased taxes, in an amount equal to one-half of the difference, for the third year of increased taxes, in an amount equal to one-third of the difference, for the fourth year of increased taxes, in an amount equal to one-fourth of the difference, and for the fifth year of increased taxes, in an amount equal to one-fourth of the difference. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately. 00-09-26 H FILED WITH CLERK 00-11-09 H FIRST READING 00-11-09 H REFERRED TO HOUSE RULES COMMITTEE RULES 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary