Rep. Kevin Joyce
Filed: 4/1/2009
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1 | AMENDMENT TO HOUSE BILL 250
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2 | AMENDMENT NO. ______. Amend House Bill 250 on page 2, by | ||||||
3 | replacing lines 7 through 11 with the following:
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4 | " (b) On or before October 1, 2009, the county assessor | ||||||
5 | shall reassess all commercial, industrial, and residential | ||||||
6 | property in the county for which 2009 is not a general | ||||||
7 | assessment year. The reassessments shall be based upon data | ||||||
8 | that uses the most recent ascertainable sales and market data | ||||||
9 | available, including sales that have occurred both before and | ||||||
10 | after the January 1, 2009 lien date. In arriving at fair market | ||||||
11 | value, sales prices of property not reflective of market values | ||||||
12 | should be eliminated or adjusted to remove the effect of | ||||||
13 | factors that may distort those values, including, but not | ||||||
14 | limited to, sales to related parties, property assemblages, | ||||||
15 | foreclosure or other forced sales, or sales reflecting market | ||||||
16 | values influenced by misrepresentation or fraud. In the 2 years | ||||||
17 | subsequent to this reassessment only, an annual factor may be | ||||||
18 | applied to property within the county, provided all of the |
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1 | following requirements are met before a factor is applied: | ||||||
2 | (1) No factor shall be applied to any property within | ||||||
3 | the county if the preceding year's equalization factor for | ||||||
4 | the county as determined by the Illinois Department of | ||||||
5 | Revenue was 2.475 or higher. | ||||||
6 | (2) Factors must be calculated based upon the most | ||||||
7 | recent ascertainable sales and market data available | ||||||
8 | within a specific assessor neighborhood code and | ||||||
9 | sub-classification of property, and must be applied on that | ||||||
10 | localized basis of combined neighborhood code and | ||||||
11 | sub-classification. | ||||||
12 | (3) Factors must be initially proposed by the local | ||||||
13 | township assessor or, in cases where there is no local | ||||||
14 | township assessor, then a factor may be initially proposed | ||||||
15 | by the county assessor or supervisor of assessments. | ||||||
16 | (4) Each taxpayer to be affected shall be given | ||||||
17 | individual notice specifying the reason for the | ||||||
18 | application of a factor and the basis or bases upon which | ||||||
19 | the factor was derived, including references to any data | ||||||
20 | used to support the calculation of the factor, the amount | ||||||
21 | of the factor, and the appeal process and time-line | ||||||
22 | available to the taxpayer to object to the factor and its | ||||||
23 | resulting reassessment value. This notice shall be mailed | ||||||
24 | 30 days prior to the factor hearing described in | ||||||
25 | sub-paragraph (6) of this Section. | ||||||
26 | (5) The county assessor shall publish the data used to |
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1 | calculate the factor and make all underlying data used, and | ||||||
2 | all data considered but ultimately determined to be | ||||||
3 | excluded, available for inspection, copying, and review by | ||||||
4 | all taxpayers, at no cost to the taxpayers or to their duly | ||||||
5 | authorized representatives. | ||||||
6 | (6) Factors are required to be approved at a public | ||||||
7 | hearing before the Commissioners of the Board of Review, | ||||||
8 | prior to their imposition. At this hearing, the county | ||||||
9 | assessor shall testify under oath concerning the data the | ||||||
10 | assessor's office used, more particularly described in | ||||||
11 | sub-paragraph (2) of this Section, shall verify the source | ||||||
12 | and accuracy of this information, and shall explain the | ||||||
13 | conclusions reached necessitating the request for a factor | ||||||
14 | to be imposed upon a particular sub-classification in an | ||||||
15 | assessor neighborhood code. Any taxpayer within the county | ||||||
16 | shall have standing at this hearing to object to the county | ||||||
17 | assessor's request for imposition of any factor, and shall | ||||||
18 | be allowed to present evidence supporting the taxpayer's | ||||||
19 | claim. If the Commissioners of the Board of Review do not | ||||||
20 | approve a factor by unanimous vote, then no factor shall be | ||||||
21 | applied to that sub-classification of property in that | ||||||
22 | assessor neighborhood code for that year. ".
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