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| | SB1230 Engrossed | | LRB097 00051 HLH 40054 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 16-123 as follows:
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| 6 | | (35 ILCS 200/16-123 new) |
| 7 | | Sec. 16-123. Compulsory sales. The board of review in a |
| 8 | | county with more than 3,000,000 inhabitants shall include |
| 9 | | compulsory sales when reviewing and correcting assessments, |
| 10 | | including, but not limited to, those compulsory sales submitted |
| 11 | | by the taxpayer, if the board determines that those sales |
| 12 | | reflect the same property characteristics and condition as |
| 13 | | those originally used to make the assessment. The board shall |
| 14 | | also consider whether the compulsory sale would otherwise be |
| 15 | | considered an arm's length transaction.
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| 16 | | Section 99. Effective date. This Act takes effect upon |
| 17 | | becoming law.
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