Illinois General Assembly - Full Text of SB0316
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Full Text of SB0316  103rd General Assembly




State of Illinois
2023 and 2024


Introduced 2/2/2023, by Sen. Laura M. Murphy


35 ILCS 200/11-80

    Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit).

LRB103 25935 HLH 52286 b





SB0316LRB103 25935 HLH 52286 b

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 11-80 as follows:
6    (35 ILCS 200/11-80)
7    Sec. 11-80. Assessment procedure for railroad companies.
8In assessing the taxable property of any railroad company, the
9Department shall first determine 33 1/3% of the fair cash
10value of all the property of any railroad company based on the
11location of the property as a unit, but shall make due
12allowance for any non-carrier real estate and all personalty.
13    The Department shall take into consideration the actual or
14market value of the shares of stock outstanding, the actual or
15market value of all bonds outstanding and all other
16indebtedness as is applicable, for operating the road. In
17determining the market value of the stock or indebtedness the
18Department shall consider quotations for the 5 years preceding
19the assessment date; the net earnings of the company during
20the 5 calendar years preceding the assessment date; and such
21other information as the Department may consider as bearing on
22the fair cash value of the property. The valuation by the
23Department shall include capital stock and all other property



SB0316- 2 -LRB103 25935 HLH 52286 b

1of railroad companies, except non-carrier real estate. The
2above facts shall not be conclusive upon the Department in
3determining 33 1/3% of the fair cash value of the property of a
4railroad company.
5    The Department shall determine the equalized assessed
6value of the taxable property of every railroad company by
7applying to its determination of 33 1/3% of the fair cash value
8of the property an equalization factor equal to the statewide
9average ratio of the equalized assessed value of locally
10assessed property to 33 1/3% of the fair cash value of such
11locally assessed property.
12    The Department shall assess the value of all operating
13property acquired by a railroad company or its wholly-owned
14subsidiary by trade with a municipality, which is situated in
15a state contiguous to Illinois, at no greater value than the
16value of the operating property traded to the municipality for
17the property by the railroad company. The value shall be that
18value established for the year immediately preceding the
19calendar year of the trade. The assessment shall not increase,
20but may decrease, during the 10 years following the calendar
21year of the trade.
22(Source: P.A. 86-173; 86-905; 86-1028; 88-455.)