SB3326 103RD GENERAL ASSEMBLY

LRB103 38413 HLH 68548 b

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.

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 21-300 as follows:

(35 ILCS 200/21-300)

Sec. 21-300. Amount to be retained in indemnity fund.

(a) The county board in each county shall determine the amount of the fund to be maintained in that county. In counties with fewer than 3,000,000 inhabitants, that amount shall not be less than 0.03% of the total assessed valuation, as equalized by the Department, of the property in the county, or $25,000, whichever is greater. In counties with 3,000,000 or more inhabitants, the , which amount shall not be less than 0.03% of the total assessed valuation, as equalized by the Department, of property within the county County, or $50,000, whichever is greater. In counties with fewer than 3,000,000 inhabitants, the balance of the fund , and shall not be greater than $1,000,000. In counties with 3,000,000 or more inhabitants, the balance of the fund shall not be in counties with less than 3,000,000 inhabitants, and not greater than $2,000,000 in counties with 3,000,000 or more inhabitants. Any moneys accumulated by the County Treasurer in excess of the amount so established, as trustee of the fund, shall be paid by him or her annually to the general fund of the County.

(b) In counties in which a Tort Liability Fund is established, all sums of money received under subsection (a) of Section 21-295 may be deposited in the general fund of the county for general county governmental purposes, if the county board provides by ordinance that the indemnity required by this Section shall be provided by the Tort Liability Fund.

(Source: P.A. 86-1028; 86-1431; 88-455.)