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90_HB0166ham001
LRB9000772KDksam
1 AMENDMENT TO HOUSE BILL 166
2 AMENDMENT NO. . Amend House Bill 166 by replacing
3 the title with the following:
4 "AN ACT to amend the Property Tax Code by changing
5 Section 17-5."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Property Tax Code is amended by changing
9 Section 17-5 as follows:
10 (35 ILCS 200/17-5)
11 Sec. 17-5. Equalization among counties. The Department
12 shall act as an equalizing authority. The Department It
13 shall examine the abstracts of property assessed for taxation
14 in the counties and in the assessment districts in counties
15 having assessment districts, as returned by the county
16 clerks, and shall equalize the assessments between counties
17 as provided in this Code. Except as hereinafter provided,
18 the Department shall lower or raise the total assessed value
19 of property in any county as returned by the county clerk,
20 other than property assessed under Sections 10-110 through
21 10-140 and 10-170 through 10-200, so that the property will
-2- LRB9000772KDksam
1 be assessed at 33 1/3% of its fair cash value.
2 The Department shall annually determine the percentage
3 relationship, for each county of the State, between the
4 valuations at which locally-assessed property, other than
5 property assessed under the Sections 10-110 through 10-140
6 and 10-170 through 10-200, is listed by assessors and revised
7 by boards of review or boards of appeal, and the estimated 33
8 1/3% of the fair cash value of the property. To make this
9 analysis, the Department shall use property transfers,
10 property appraisals, and other means as it deems proper and
11 reasonable.
12 With the ratio determined for each county, the
13 Department shall then determine the percentage to be added to
14 or deducted from the aggregate reviewed assessment on
15 property subject to local assessment jurisdiction, other than
16 property assessed under the Sections cited above, to produce
17 a ratio of assessed value to 33 1/3% of the fair cash value
18 equivalent to 100%.
19 If the Department determines that there are substantial
20 differences in the level of assessment among different
21 townships in the same county, it shall, upon the request of
22 the county executive or, in counties not having an elected
23 county executive, of the county board under a resolution
24 adopted by the board, apply separate township equalization
25 factors determined by the Department, in lieu of a single
26 equalization factor for the entire county, but this provision
27 does not apply within any county which elects a county
28 assessor under Sections 3-45 or 3-50.
29 (Source: P.A. 84-1343; 88-455.)".