FRANKS. 35 ILCS 200/20-3 new Amends the Property Tax Code. Provides that, notwithstanding any other law to the contrary, for taxable years 2002 and 2003, the rate on any tax imposed under the Act may not be increased from the rate imposed in the 2001 taxable year. A school district, however, may increase property tax rates by referendum. Provides that, notwithstanding any other law to the contrary, for taxable years 2002 and 2003, the equalized assessed value of property shall be the same as the equalized assessed value of that property for the 2001 taxable year. If, however, a parcel of property is improved during taxable year 2002 or 2003, the assessment of that property shall be the assessment for the 2001 taxable year plus the increase in assessed value solely as a result of the improvement and, once the 2001 assessment is increased to reflect an improvement, the assessment for that property shall remain the same for the duration of the assessment freeze period. Effective immediately. JAN-31-2002 H FILED WITH CLERK FEB-01-2002 H FIRST READING FEB-01-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary