103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3326

 

Introduced 2/7/2024, by Sen. Steve Stadelman

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/21-300

    Amends the Property Tax Code. Provides that, in counties with fewer than 3,000,000 inhabitants, the amount in the indemnity fund shall not be less than 0.03% of the total equalized assessed valuation of the property in the county or $25,000 (currently, $50,000), whichever is greater.


LRB103 38413 HLH 68548 b

 

 

A BILL FOR

 

SB3326LRB103 38413 HLH 68548 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 21-300 as follows:
 
6    (35 ILCS 200/21-300)
7    Sec. 21-300. Amount to be retained in indemnity fund.
8    (a) The county board in each county shall determine the
9amount of the fund to be maintained in that county. In counties
10with fewer than 3,000,000 inhabitants, that amount shall not
11be less than 0.03% of the total assessed valuation, as
12equalized by the Department, of the property in the county, or
13$25,000, whichever is greater. In counties with 3,000,000 or
14more inhabitants, the , which amount shall not be less than
150.03% of the total assessed valuation, as equalized by the
16Department, of property within the county County, or $50,000,
17whichever is greater. In counties with fewer than 3,000,000
18inhabitants, the balance of the fund , and shall not be greater
19than $1,000,000. In counties with 3,000,000 or more
20inhabitants, the balance of the fund shall not be in counties
21with less than 3,000,000 inhabitants, and not greater than
22$2,000,000 in counties with 3,000,000 or more inhabitants. Any
23moneys accumulated by the County Treasurer in excess of the

 

 

SB3326- 2 -LRB103 38413 HLH 68548 b

1amount so established, as trustee of the fund, shall be paid by
2him or her annually to the general fund of the County.
3    (b) In counties in which a Tort Liability Fund is
4established, all sums of money received under subsection (a)
5of Section 21-295 may be deposited in the general fund of the
6county for general county governmental purposes, if the county
7board provides by ordinance that the indemnity required by
8this Section shall be provided by the Tort Liability Fund.
9(Source: P.A. 86-1028; 86-1431; 88-455.)