State of Illinois
90th General Assembly
Legislation

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90_HB1720

      35 ILCS 200/13-5
          Amends the Property Tax Code.  Makes technical changes in
      the Section concerning reassessment in disaster areas.
                                                     LRB9002380KDsb
                                               LRB9002380KDsb
 1        AN ACT to amend the Property Tax Code by changing Section
 2    13-5.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.  The Property Tax Code is amended by changing
 6    Section 13-5 as follows:
 7        (35 ILCS 200/13-5)
 8        Sec. 13-5.  Reassessment  in  disaster  areas.  In  every
 9    county  that which has been declared a major disaster area by
10    the President of the United States or  the  Governor  of  the
11    State of Illinois, the chief county assessment officer, board
12    of  review or board of appeals shall, upon application by the
13    property owner, make a reassessment of any  taxable  property
14    in  the  county  that  which was substantially damaged by the
15    disaster. The Department shall advise with the  chief  county
16    assessment officers, boards of review or boards of appeals of
17    the   several  counties  involved  in  connection  with  such
18    reassessment.
19        In the reassessment, the value of the property  shall  be
20    determined as of the date of the declaration of the county as
21    a  major  disaster area. If the value of any property on that
22    date is, by reason of  the  disaster,  less  than  the  prior
23    assessment,  the assessment for that year shall be arrived at
24    by dividing by 365 the sum of the 2 products obtained (a)  by
25    multiplying  the  prior assessment by the number of days from
26    January 1 of that year to the date of the declaration and (b)
27    by multiplying the value of the property as of  the  date  of
28    the  declaration  by  the number of days from the date of the
29    declaration to December 31 of that year.
30        If the reassessment and computations occur prior  to  the
31    adjournment  of  the  current  board  of  review  or board of
                            -2-                LRB9002380KDsb
 1    appeals, the assessment of  the  property  shall  be  reduced
 2    accordingly.  If  the board of review or board of appeals has
 3    adjourned at the time  of  the  declaration,  the  Department
 4    shall convene the board of review or board of appeals to make
 5    the   reassessment   of   property  applied  for  after  that
 6    adjournment.
 7    (Source: P.A. 83-121; 88-455.)

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