Sen. Steve Stadelman
Filed: 3/16/2016
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 2367 




2    AMENDMENT NO. ______. Amend Senate Bill 2367 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Property Tax Code is amended  by adding 
5Division 20 to Article 10 and by adding Section 16-182 as 
6follows:
 
7    (35 ILCS 200/Art. 10 Div. 20 heading new)
8
DIVISION 20.  LIMITED MARKET OR SPECIAL PURPOSE PROPERTY

 
9    (35 ILCS 200/10-800 new)
10    Sec. 10-800. Limited market or special purpose property.
11    (a) Beginning with the 2016 assessment year, the fair cash 
12value of limited market or special purpose property shall be 
13calculated by estimating the replacement cost new of the 
14improvements and subtracting physical depreciation, according 
15to the rules and guidelines established by the Department. For 
 
 
09900SB2367sam001- 2 -LRB099 19231 HLH 46126 a

1purposes of this Section, the land value shall be assessed 
2separately. 
3    (b) As used in this Section, "limited market or special 
4purpose property" means real property that meets all of the 
5following criteria: 
6        (1) the property is 50,000 square feet or more; 
7        (2) the property has improvements with an actual age of 
8    20 years or less; and 
9        (3) the original owner of the property, or a tenant for 
10    whom the improvements were built, is engaged in the 
11    business of selling general merchandise at retail or 
12    wholesale on the premises and occupies more than 75% of the 
13    square footage of the property. 
 
14    (35 ILCS 200/16-182 new)
15    Sec. 16-182. Limitation on evidence in appeals of limited 
16market or special purpose property.  With respect to appeals 
17involving  the assessment of limited market or special purpose 
18property, as defined in  Section 10-800, the Property Tax Appeal 
19Board may not consider comparable real property sales.
 

20    Section 99. Effective date. This Act takes effect upon 
21becoming law.".