Full Text of SB0686 100th General Assembly
SB0686 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 SB0686 Introduced 1/26/2017, by Sen. Julie A. Morrison SYNOPSIS AS INTRODUCED: |
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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 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.
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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,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 9-145 as follows:
| 6 | | (35 ILCS 200/9-145)
| 7 | | Sec. 9-145. Statutory level of assessment. Except in | 8 | | counties with more
than 200,000 inhabitants which classify | 9 | | property for purposes of taxation,
property shall be valued as | 10 | | follows:
| 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 100th General Assembly, no increase in assessment | 16 | | may exceed 20% per year unless at least one of the | 17 | | following factors is met: | 18 | | (1) the property is sold, transferred, or conveyed | 19 | | during the taxable year, in which case it shall be | 20 | | reassessed based on its value as of the date of sale, | 21 | | transfer, or conveyance;
| 22 | | (2) significant improvements were made to the | 23 | | property; | 24 | | (3) a homestead exemption or other preferential | 25 | | method of assessment was removed with respect to that | 26 | | property during the taxable year; or |
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| 1 | | (4) the increase was due to an equalization factor | 2 | | imposed by the township, county, or Department of | 3 | | Revenue. | 4 | | The property owner may request from the chief county | 5 | | assessment officer reasonable proof that an increase in an | 6 | | assessment of more than 20% is due to one of the items | 7 | | listed in paragraphs (1) through (4). | 8 | | This Section is subject to and modified by Sections 10-110 | 9 | | through 10-140 and
11-5 through 11-65.
| 10 | | (Source: P.A. 91-497, eff. 1-1-00.)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.
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