103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB0316
 
Introduced 2/2/2023, by Sen. Laura M. Murphy
 
SYNOPSIS AS INTRODUCED:
 

 
  
35 ILCS 200/11-80

     Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit).
  


LRB103 25935 HLH 52286 b

 
 
A BILL FOR
 

  
SB0316LRB103 25935 HLH 52286 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 11-80 as follows:
 



6    (35 ILCS 200/11-80)



7    Sec. 11-80. Assessment procedure for railroad companies. 
8In assessing
the taxable property of any railroad company, the 
9Department shall first
determine 33 1/3% of the fair cash 
10value of all the property of any railroad
company based on the 
11location of the property as a unit, but shall make due 
12allowance for any non-carrier real estate
and all personalty.

13    The Department shall take into consideration the actual or 
14market value of
the shares of stock outstanding, the actual or 
15market value of all bonds
outstanding and all other 
16indebtedness as is applicable, for operating the
road. In 
17determining the market value of the stock or indebtedness the

18Department shall consider quotations for the 5 years preceding 
19the assessment
date; the net earnings of the company during 
20the 5 calendar years preceding the
assessment date; and such 
21other information as the Department may consider as
bearing on 
22the fair cash value of the property.  The valuation by the

23Department shall include capital stock and all other property 
 
 
SB0316- 2 -LRB103 25935 HLH 52286 b

1of railroad
companies, except non-carrier real estate.  The 
2above facts shall not be
conclusive upon the Department in 
3determining 33 1/3% of the fair cash value of
the property of a 
4railroad company.

5    The Department shall determine the equalized assessed 
6value of the taxable
property of every railroad company by 
7applying to its determination of 33 1/3%
of the fair cash value 
8of the property an equalization factor equal to the
statewide 
9average ratio of the equalized assessed value of locally 
10assessed
property to 33 1/3% of the fair cash value of such 
11locally assessed property.

12    The Department shall assess the value of all operating 
13property acquired by a
railroad company or its wholly-owned 
14subsidiary by trade with a municipality,
which is situated in 
15a state contiguous to Illinois, at no greater value than
the 
16value of the operating property traded to the municipality for 
17the property
 by the railroad company.  The value shall be that 
18value established for the
year immediately preceding the 
19calendar year of the trade.  The assessment
shall not increase, 
20but may decrease, during the 10 years following the
calendar 
21year of the trade.

22(Source: P.A. 86-173; 86-905; 86-1028; 88-455.)