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92_HB4808 LRB9212004SMdv 1 AN ACT in relation to property 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 changing 5 Section 1-55 as follows: 6 (35 ILCS 200/1-55) 7 Sec. 1-55. 33 1/3%. "33 1/3%" means one-third of the 8 fair cash value of property, as determined by the 9 Department's sales ratio studies for the 3 most recent years 10 preceding the assessment year, adjusted to take into account 11 any changes in assessment levels implemented since the data 12 for the studies were collected. 13 (Source: P.A. 86-1481; 87-877; 88-455.)