95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2478


 
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/1-55









    Amends the Property Tax Code.  Makes a technical change in a Section
concerning the definition of "33 1/3%".
















LRB095 00896 BDD 20898 b

















 


 


A BILL FOR









 











HB2478

LRB095 00896 BDD 20898 b






1
    AN ACT concerning revenue.

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