|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2191
Introduced 1/14/2004, by Denny Jacobs SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Property Tax Code. Makes a technical change in a Section
concerning the definition of "33 1/3%".
|
|
|
|
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
SB2191 |
|
LRB093 16380 SJM 42018 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 fair |
| 8 |
| cash value of
property, as
determined by the Department's sales |
| 9 |
| ratio studies for the 3 most recent years
preceding the |
| 10 |
| assessment year, adjusted to take into account any changes in
|
| 11 |
| assessment levels implemented since the data for the studies |
| 12 |
| were collected.
|
| 13 |
| (Source: P.A. 86-1481; 87-877; 88-455.)
|