92nd General Assembly
Status of HB4441
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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                                               

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 Full Text  Bill Summary