HB3474 94TH GENERAL ASSEMBLY

LRB094 11158 BDD 41803 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB3474

Introduced 2/23/2005, by Rep. Timothy L. Schmitz

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-211 new

Amends the Property Tax Code. Provides that if a taxing district is located in more than one county, then the chief county assessment officer of a county in which the taxing district is located may equalize the assessments by increasing or reducing the entire assessment of property in the portion of the taxing district located in the county served by the chief county assessment officer or any area therein so that the assessments will be at 33 1/3% of fair cash value. Sets forth procedures for the equalization. Provides that these provisions do not apply to any taxing district located in Cook County.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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 adding Section 9-211 as follows:

(35 ILCS 200/9-211 new)

Sec. 9-211. Equalization for taxing districts in more that one county.

(a) If a taxing district is located in more than one county, then the chief county assessment officer of a county in which the taxing district is located may equalize the assessments by increasing or reducing the entire assessment of property in the portion of the taxing district located in the county served by the chief county assessment officer, or any area therein, so that the assessments will be at 33 1/3% of fair cash value.

For each such taxing district, the supervisor of assessments shall annually determine the percentage relationship between the estimated 33 1/3% of the fair cash value of the property and the assessed valuations at which the property is listed for the entire taxing district, both within and outside the county served by the supervisor of assessments. To make this analysis, he or she shall use property transfers, property appraisals, and other means as he or she deems proper and reasonable.

With the ratio determined for the entire taxing district, the supervisor of assessments shall then determine the percentage to be added to or deducted from the aggregate assessments in the portion of that taxing district within the county served by the supervisor of assessments, other than property assessed under Sections 10-110 through 10-140 and 10-170 through 10-200, in order to produce a ratio of assessed value to fair cash value of 33 1/3%. That percentage shall be issued as an equalization factor for the portion of that taxing district within the county served by the chief county assessment officer. The assessment officer shall then change the assessment of each parcel of property by application of the equalization factor.

(b) Any equalization under this Section must occur after the chief county assessment officer equalizes assessments for the county under Section 9-210.

(c) This Section does not apply to any taxing district located within Cook County.

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