95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4787

 

Introduced , by Rep. Dennis M. Reboletti

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/1-55

    Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the prior year (under the current law, the fair cash value is based on the sales ratio studies).


LRB095 17360 BDD 43430 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4787 LRB095 17360 BDD 43430 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 fair cash value of
8 property, as determined by the lesser of:
9         (1) the Department's sales ratio studies for the 3 most
10     recent years preceding the assessment year, adjusted to
11     take into account any changes in assessment levels
12     implemented since the data for the studies were collected;
13     or
14         (2) the valuation of the property in the prior year.
15 (Source: P.A. 86-1481; 87-877; 88-455.)