093_SB0536

 
                                     LRB093 04087 SJM 04127 b

 1        AN ACT in relation to property 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  changing
 5    Section 1-55 as follows:

 6        (35 ILCS 200/1-55)
 7        Sec.  1-55.   33  1/3%.  "33 1/3%" means one-third of the
 8    fair  cash  value  of  property,   as   determined   by   the
 9    Department's  sales ratio studies for the 3 most recent years
10    preceding the assessment year, adjusted to take into  account
11    any  changes  in assessment levels implemented since the data
12    for the studies were collected.
13    (Source: P.A. 86-1481; 87-877; 88-455.)