(35 ILCS 200/16-80)
Sec. 16-80.
Reduced assessment of homestead property.
In any county
with
fewer than 3,000,000 inhabitants, if
the board of review
lowers the assessment of a particular parcel on which a
residence occupied by
the owner is situated, the reduced assessment, subject to equalization, shall
remain in effect for the remainder of the general assessment period as provided
in Sections 9-215 through 9-225, unless the taxpayer, county assessor, or
other interested party
can show substantial cause why the reduced assessment should not remain in
effect, or unless the decision of the board is reversed or modified upon
review.
(Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff. 8-14-96.)
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