98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB3498

 

Introduced 2/14/2014, by Sen. Matt Murphy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/9-145

    Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 2% per year. Provides exceptions for the valuation of property that is sold, transferred, or conveyed during the taxable year and for new improvements.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 9-145 as follows:
 
6    (35 ILCS 200/9-145)
7    Sec. 9-145. Statutory level of assessment. Except in
8counties with more than 200,000 inhabitants which classify
9property for purposes of taxation, property shall be valued as
10follows:
11        (a) Each tract or lot of property shall be valued at 33
12    1/3% of its fair cash value.
13        (b) Each taxable leasehold estate shall be valued at 33
14    1/3% of its fair cash value.
15        (c) Each building or structure which is located on the
16    right of way of any canal, railroad or other company leased
17    or granted to another company or person for a term of
18    years, shall be valued at 33 1/3% of its fair cash value.
19        (d) Any property on which there is a coal or other
20    mine, or stone or other quarry, shall be valued at 33 1/3%
21    of its fair cash value. Oil, gas and other minerals, except
22    coal, shall have value and be assessed separately at 33
23    1/3% of the fair cash value of such oil, gas and other

 

 

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1    minerals. Coal shall be assessed separately at 33 1/3% of
2    the coal reserve economic value, as provided in Sections
3    10-170 through 10-200.
4        (e) In the assessment of property encumbered by public
5    easement, any depreciation occasioned by such easement
6    shall be deducted in the valuation of such property. Any
7    property dedicated as a nature preserve or as a nature
8    preserve buffer under the Illinois Natural Areas
9    Preservation Act, for the purposes of this paragraph, is
10    encumbered by a public easement and shall be depreciated
11    for assessment purposes to a level at which its valuation
12    shall be $1 per acre or portion thereof.
13        (f) For assessment years following the next general
14    assessment after the effective date of this amendatory Act
15    of the 98th General Assembly, except as otherwise provided
16    in this subsection, no increase in assessment may exceed 2%
17    per year. Property that is sold, transferred, or conveyed
18    during the taxable year shall be reassessed based on its
19    value as of the date of sale, transfer, or conveyance.
20    Property that is newly improved with a building, structure,
21    or other improvement that increases the assessed value of
22    the property during the taxable year shall be reassessed
23    based on the value of the improvement.
24    This Section is subject to and modified by Sections 10-110
25through 10-140 and 11-5 through 11-65.
26(Source: P.A. 91-497, eff. 1-1-00.)