Illinois General Assembly - Full Text of HB5062
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Full Text of HB5062  98th General Assembly

HB5062 98TH GENERAL ASSEMBLY


 


 
98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5062

 

Introduced , by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/1-55

    Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".


LRB098 18502 HLH 53639 b

 

 

A BILL FOR

 

HB5062LRB098 18502 HLH 53639 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 1-55 as follows:
 
6    (35 ILCS 200/1-55)
7    Sec. 1-55. 33 1/3%. One-third of the the fair cash value of
8property, as determined by the Department's sales ratio studies
9for the 3 most recent years preceding the assessment year,
10adjusted to take into account any changes in assessment levels
11implemented since the data for the studies were collected.
12(Source: P.A. 86-1481; 87-877; 88-455.)