State of Illinois
92nd General Assembly
Legislation

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92_SB2166

 
                                               LRB9215953SMdv

 1        AN ACT in relation to 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 adding
 5    Section 9-212 as follows:

 6        (35 ILCS 200/9-212 new)
 7        Sec. 9-212. Notwithstanding any other provision of law to
 8    the contrary, the equalized  assessed  value  of  residential
 9    real property, less that part of the equalized assessed value
10    attributable  to new improvements to the property, may not be
11    increased from one general assessment to  the  next  by  more
12    than  the  increase  during that period in the Consumer Price
13    Index reported by the  Bureau  of  Labor  Statistics  of  the
14    federal Department of Labor or its successor agency.

15        Section  99.  Effective  date.  This  Act takes effect on
16    January 1, 2003.

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