HB3555 97TH GENERAL ASSEMBLY

LRB097 06201 HLH 46276 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB3555

Introduced 2/24/2011, by Rep. Sidney H. Mathias - Chris Nybo

SYNOPSIS AS INTRODUCED:

35 ILCS 200/1-55

Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies). Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

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%. One-third of the fair cash value of property, as determined by the lesser of:

(1) 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; or

(2) the valuation of the property in the year immediately preceding the assessment year.

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

Section 99. Effective date. This Act takes effect upon becoming law.