104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB1433
 
Introduced 1/31/2025, 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).


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A BILL FOR
 
SB1433LRB104 07673 HLH 17717 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 
 
 
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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.)