SB0609 100TH GENERAL ASSEMBLY

LRB100 05446 HLH 15457 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0609

Introduced 1/24/2017, by Sen. Julie A. Morrison

SYNOPSIS AS INTRODUCED:

35 ILCS 200/7-20 new

Amends the Property Tax Code. Provides that, if an appeal concerning the assessed valuation of property has been pending before the Property Tax Appeal Board for 2 or more years prior to January 1 of the current assessment year and is still pending as of June 1 of the current assessment year, then the assessed valuation of the property shall be the lesser of: (1) the highest equalized assessed valuation for that property for any assessment year at issue before the Property Tax Appeal Board; or (2) the assessed valuation for that property for the current assessment year as calculated under the Code. Provides that the appellant must meet certain other requirements for that alternate valuation. 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 adding Section 7-20 as follows:

(35 ILCS 200/7-20 new)

Sec. 7-20. Assessed value; pending appeals. Notwithstanding any other provision of law, the assessed valuation of any property for which an appeal has been pending before the Property Tax Appeal Board for 2 or more years prior to January 1 of the current assessment year and is still pending as of June 1 of the current assessment year shall be the lesser of: (1) the highest equalized assessed valuation for that property for any assessment year at issue before the Property Tax Appeal Board; or (2) the assessed valuation for that property for the current assessment year according to Section 9-155 or Section 9-160, whichever is applicable. This Section applies only if:

(1) the appellant before the Property Tax Appeal Board is the owner of the property as of January 1 of the current assessment year;

(2) the appellant before the Property Tax Appeal Board has not moved for an extension of time in the appeal of the property's assessed valuation;

(3) no improvements have been made to the property since the first assessment year on appeal; and

(4) the appeal is not based solely on the effect of an equalization factor assigned to all property or to a class of property by the board of review.

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