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92_SB0714 LRB9208030SMdv 1 AN ACT concerning taxation. 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%. Thirty-three and one third percent 8 means one-third of the fair cash value of property, as 9 determined by the Department's sales ratio studies for the 3 10 most recent years preceding the assessment year, adjusted to 11 take into account any changes in assessment levels 12 implemented since the data for the studies were collected. 13 (Source: P.A. 86-1481; 87-877; 88-455.)