093_HB3560

 
                                     LRB093 09424 SJM 09659 b

 1        AN ACT concerning taxes.

 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 adding
 5    Section 18-168 as follows:

 6        (35 ILCS 200/18-168 new)
 7        Sec. 18-168.  Abatement for failure to update assessment.
 8        (a)  The county  clerk  shall  abate  a  portion  of  the
 9    property taxes levied by each taxing district under this Code
10    on any property meeting the following criteria:
11             (1)  The property is residential property.
12             (2)  The  assessor  failed  to  regularly assess the
13        property, as required  by  this  Code,  on  a  reasonably
14        timely basis.
15             (3)  After the delay in assessment, the property was
16        then  assessed  at  a  higher  value  than  the  previous
17        assessment.
18        (b)  For taxable years 2003 and thereafter, for the first
19    year  of  increased  taxes  as  a  result  of  the  increased
20    assessment  in  subdivision  (a)(3),  the  county clerk shall
21    abate the property taxes for property meeting the criteria in
22    subsection (a) in  an  amount  equal  to  two-thirds  of  the
23    difference in the tax bill between the amount owed before the
24    increased  assessment and the amount owed after the increased
25    assessment.  For taxable years 2003 and thereafter,  for  the
26    second  year  of increased taxes as a result of the increased
27    assessment in subdivision  (a)(3),  the  county  clerk  shall
28    abate the property taxes for property meeting the criteria in
29    subsection  (a)  in  an  amount  equal  to  one-third  of the
30    difference in the tax bill between the amount owed before the
31    increased assessment and the amount owed after the  increased
 
                            -2-      LRB093 09424 SJM 09659 b
 1    assessment.

 2        Section  90.  The State Mandates Act is amended by adding
 3    Section 8.27 as follows:

 4        (30 ILCS 805/8.27 new)
 5        Sec. 8.27. Exempt mandate.   Notwithstanding  Sections  6
 6    and  8 of this Act, no reimbursement by the State is required
 7    for  the  implementation  of  any  mandate  created  by  this
 8    amendatory Act of the 93rd General Assembly.

 9        Section 99.  Effective date.  This Act takes effect  upon
10    becoming law.