|
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2046 Introduced 2/17/2021, by Rep. Jim Durkin SYNOPSIS AS INTRODUCED:
| | |
Amends the Property Tax Code. Makes a technical change in a Section
concerning the definition of "33 1/3%".
|
| |
| | A BILL FOR |
|
|
| | HB2046 | | LRB102 12262 HLH 17599 b |
|
|
| 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 1-55 as follows:
|
| 6 | | (35 ILCS 200/1-55)
|
| 7 | | Sec. 1-55. 33 1/3%. One-third of the
the fair cash value of |
| 8 | | property, as
determined by the Department's sales ratio |
| 9 | | studies for the 3 most recent years
preceding the assessment |
| 10 | | year, adjusted to take into account any changes in
assessment |
| 11 | | levels implemented since the data for the studies were |
| 12 | | collected. |
| 13 | | (Source: P.A. 86-1481; 87-877; 88-455.)
|