96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4913


 
Introduced 1/15/2010, by Rep. Sidney H. Mathias
 
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  year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies).  Effective immediately.
















LRB096 15662 HLH 30898 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4913

LRB096 15662 HLH 30898 b






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    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 year 
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    immediately preceding the assessment year.

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


 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.