SB3029 93RD GENERAL ASSEMBLY

LRB093 21013 SJM 47025 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB3029

Introduced 2/6/2004, by Louis S. Viverito

SYNOPSIS AS INTRODUCED:

35 ILCS 200/1-55

Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".

A BILL FOR

AN ACT in relation to property taxes.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 1-55 as follows:

(35 ILCS 200/1-55)

Sec. 1-55. 33 1/3%. "33 1/3%" means one-third of the fair cash value of property, as determined by the Department's sales ratio studies for the 3 most recent years preceding the assessment year, adjusted to take into account any changes in assessment levels implemented since the data for the studies were collected.

(Source: P.A. 86-1481; 87-877; 88-455.)