|
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5217 Introduced 1/31/2022, by Rep. Chris Bos SYNOPSIS AS INTRODUCED:
|
| |
Amends the Property Tax Code. Provides that the fair cash value of property shall be determined by the Department of Revenue's sales ratio studies for the 5 (currently, 3) most recent years
preceding the assessment year.
|
| |
| | A BILL FOR |
|
|
| | HB5217 | | LRB102 22327 HLH 31464 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 1-55 as follows:
|
| 6 | | (35 ILCS 200/1-55)
|
| 7 | | Sec. 1-55. 33 1/3%. One-third of the fair cash value of |
| 8 | | property, as
determined by the Department's sales ratio |
| 9 | | studies for the 5 3 most recent years
preceding the assessment |
| 10 | | year, adjusted to take into account any changes in
assessment |
| 11 | | levels implemented since the data for the studies were |
| 12 | | collected.
|
| 13 | | (Source: P.A. 86-1481; 87-877; 88-455.)
|