SB3334 96TH GENERAL ASSEMBLY

LRB096 15786 HLH 31026 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3334

Introduced 2/10/2010, by Sen. Chris Lauzen

SYNOPSIS AS INTRODUCED:

35 ILCS 200/1-50
35 ILCS 200/16-17 new

Amends the Property Tax Code. Provides that assessment officials may consider foreclosure sales and short sales of comparable properties when determining fair cash value. Provides that boards of review and boards of appeals may consider foreclosure sales and short sales of comparable properties for the purpose of revising and correcting assessments and must consider those sales of comparable properties submitted by the taxpayer. Effective immediately.

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 changing Section 1-50 and by adding Section 16-17 as follows:

(35 ILCS 200/1-50)

Sec. 1-50. Fair cash value. The amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller, except that assessment officials may consider foreclosure sales and short sales of comparable properties when determining fair cash value.

(Source: P.A. 88-455.)

(35 ILCS 200/16-17 new)

Sec. 16-17. Foreclosure sales and short sales. A board of review or board of appeals may consider foreclosure sales and short sales of comparable properties for the purpose of revising and correcting assessments as provided in this Article and must consider those sales of comparable properties submitted by the taxpayer.

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