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91_HB4739
LRB9114811SMdvA
1 AN ACT concerning taxes.
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 adding
5 Section 18-168 as follows:
6 (35 ILCS 200/18-168 new)
7 Sec. 18-168. Abatement for failure to update assessment.
8 (a) The county clerk shall abate a portion of the
9 property taxes levied by each taxing district under this Code
10 on any property meeting the following criteria:
11 (1) The property is residential property.
12 (2) The assessor failed to regularly assess the
13 property, as required by this Code, on a reasonably
14 timely basis.
15 (3) After the delay in assessment, the property was
16 then assessed at a higher value than the previous
17 assessment.
18 (b) For taxable years 2000 and thereafter, for the first
19 year of increased taxes as a result of the increased
20 assessment in subdivision (a)(3), the county clerk shall
21 abate the property taxes for property meeting the criteria in
22 subsection (a) in an amount equal to two-thirds of the
23 difference in the tax bill between the amount owed before the
24 increased assessment and the amount owed after the increased
25 assessment.
26 For taxable years 2000 and thereafter, for the second
27 year of increased taxes as a result of the increased
28 assessment in subdivision (a)(3), the county clerk shall
29 abate the property taxes for property meeting the criteria in
30 subsection (a) in an amount equal to one-half of the
31 difference in the tax bill between the amount owed before the
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1 increased assessment and the amount owed after the increased
2 assessment.
3 For taxable years 2000 and thereafter, for the third year
4 of increased taxes as a result of the increased assessment in
5 subdivision (a)(3), the county clerk shall abate the property
6 taxes for property meeting the criteria in subsection (a) in
7 an amount equal to one-third of the difference in the tax
8 bill between the amount owed before the increased assessment
9 and the amount owed after the increased assessment.
10 For taxable years 2000 and thereafter, for the fourth
11 year of increased taxes as a result of the increased
12 assessment in subdivision (a)(3), the county clerk shall
13 abate the property taxes for property meeting the criteria in
14 subsection (a) in an amount equal to one-fourth of the
15 difference in the tax bill between the amount owed before the
16 increased assessment and the amount owed after the increased
17 assessment.
18 For taxable years 2000 and thereafter, for the fifth year
19 of increased taxes as a result of the increased assessment in
20 subdivision (a)(3), the county clerk shall abate the property
21 taxes for property meeting the criteria in subsection (a) in
22 an amount equal to one-fourth of the difference in the tax
23 bill between the amount owed before the increased assessment
24 and the amount owed after the increased assessment.
25 Section 90. The State Mandates Act is amended by adding
26 Section 8.24 as follows:
27 (30 ILCS 805/8.24 new)
28 Sec. 8.24. Exempt mandate. Notwithstanding Sections 6
29 and 8 of this Act, no reimbursement by the State is required
30 for the implementation of any mandate created by this
31 amendatory Act of the 91st General Assembly.
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.