100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4509

 

Introduced , by Rep. Nick Sauer

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/16-80

    Amends the Property Tax Code. In a Section providing that in counties with a population of under 3,000,000, certain reduced assessments shall remain in place unless there is substantial cause shown why the reduced assessment should not remain in effect, provides a non-exclusive list of substantial causes. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4509LRB100 16503 HLH 31635 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 16-80 as follows:
 
6    (35 ILCS 200/16-80)
7    Sec. 16-80. Reduced assessment of homestead property. In
8any county with fewer than 3,000,000 inhabitants, if the board
9of review lowers the assessment of a particular parcel on which
10a residence occupied by the owner is situated, the reduced
11assessment, subject to equalization, shall remain in effect for
12the remainder of the general assessment period as provided in
13Sections 9-215 through 9-225, unless the taxpayer, county
14assessor, or other interested party can show substantial cause
15why the reduced assessment should not remain in effect, such as
16a change in physical characteristics or condition, factual
17error, or if the parcel is subsequently sold in an arm's length
18transaction establishing a fair cash value for the parcel that
19is different from the fair cash value on which the Board's
20assessment is based, or unless the decision of the board is
21reversed or modified upon review.
22(Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff.
238-14-96.)
 

 

 

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1    Section 99. Effective date. This Act takes effect upon
2becoming law.