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.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Property Tax Code is amended  by changing 
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Section 1-55 as follows:
 



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    (35 ILCS 200/1-55)



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    Sec. 1-55. 33 1/3%. One-third of the fair cash value of 
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property, as
determined by the lesser of:
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        (1) the Department's sales ratio studies for the 3 most 
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    recent years
preceding the assessment year, adjusted to 
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    take into account any changes in
assessment levels 
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    implemented since the data for the studies were collected; 
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    or
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        (2) the valuation of the property in the prior year.

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(Source: P.A. 86-1481; 87-877; 88-455.)