HB5217 102ND GENERAL ASSEMBLY

LRB102 22327 HLH 31464 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5217

Introduced 1/31/2022, by Rep. Chris Bos

SYNOPSIS AS INTRODUCED:

35 ILCS 200/1-55

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

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 1-55 as follows:

(35 ILCS 200/1-55)

Sec. 1-55. 33 1/3%. One-third of the fair cash value of property, as determined by the Department's sales ratio studies for the 5 3 most recent years preceding the assessment year, adjusted to take into account any changes in assessment levels implemented since the data for the studies were collected.

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