SB3455 EnrolledLRB103 36901 HLH 67014 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 Department of Revenue Law of the Civil
5Administrative Code of Illinois is amended by adding Section
62505-815 as follows:
 
7    (20 ILCS 2505/2505-815 new)
8    Sec. 2505-815. Property tax system study. The Department,
9in consultation with the Department of Commerce and Economic
10Opportunity, shall conduct a study to evaluate the property
11tax system in the State and shall analyze any information
12collected in connection with that study. The Department may
13also examine whether the existing property tax levy,
14assessment, appeal, and collection process is reasonable and
15fair and may issue recommendations to improve that process.
16For purposes of conducting the study and analyzing the data
17required under this Section, the Department may determine the
18scope of the historical data necessary to complete the study,
19but in no event shall the scope or time period be less than the
2010 most recent tax years for which the Department has complete
21data. The study shall include, but need not be limited to, the
22following:
23        (1) a comprehensive review of the classification

 

 

SB3455 Enrolled- 2 -LRB103 36901 HLH 67014 b

1    system used by Cook County in assessing real property in
2    Cook County compared with the rest of the State,
3    including, but not limited to, a projection of the impact,
4    if any, that the assessment of real property in Cook
5    County would exhibit if the classification system were to
6    be phased-out and transitioned to a uniform level of
7    assessment, and the impact, if any, that the Cook County
8    classification system has or has had on economic
9    development or job creation in the county;
10        (2) a comprehensive review of State laws concerning
11    the appeal of assessments at the local and State level and
12    State laws concerning the collection of property taxes,
13    including any issues that have resulted in delays in
14    issuing property tax bills;
15        (3) a comprehensive review of statewide assessment
16    processes, including a comparison of assessment process in
17    Cook County and other counties and practices in other
18    states that allow for standardized assessment processes;
19        (4) a comprehensive review of current property tax
20    homestead exemptions, the impact of those exemptions, and
21    the administration or application of those exemptions;
22        (5) an analysis of preferential assessments or
23    incentives, including, but not limited to, the resultant
24    economic impact from preferential assessments; and
25        (6) a review of the State's reliance on property taxes
26    and the historical growth in property tax levies.

 

 

SB3455 Enrolled- 3 -LRB103 36901 HLH 67014 b

1    The Department may consult with Illinois institutions of
2higher education in conducting the study required under this
3Section. The Department may also consult with units of local
4government. To the extent practicable and where applicable,
5the Department may request relevant, publicly available
6property tax information from units of local government,
7including counties and municipalities, that is deemed
8necessary to complete the study required pursuant to this
9Section. Units of local government that are required to submit
10property tax information to the Department must do so in a
11reasonably expedient manner, to the extent possible, but in no
12event later than 60 days after the date upon which the
13Department requests that relevant information.
14    The Department may complete a preliminary report that may
15be made available for public inspection via electronic means
16prior to the publication of the final report under this
17Section. The Department shall complete and submit the final
18report under this Section to the Governor and the General
19Assembly by July 1, 2026. A copy of both the preliminary
20report, if made available by the Department, and the final
21report shall be made available to the public via electronic
22means. The Department may allow for the submission of public
23comments from individuals, organizations, or associations
24representing residential property owners, commercial property
25owners, units of local government, or labor unions in Illinois
26prior to finalizing the final report under this Section and

 

 

SB3455 Enrolled- 4 -LRB103 36901 HLH 67014 b

1after publication of the final report under this Section. If
2the Department allows for the submission of public comments,
3the Department shall publish via electronic means any and all
4materials submitted to the Department.
5    This Section is repealed on December 31, 2026.