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90_HB3554
35 ILCS 200/9-148 new
Amends the Property Tax Code. Provides that beginning
with the 1998 levy year, in making assessments under this
Code, the assessor shall not increase the assessed value of a
tract or lot of land by more than 5% over the assessed value
of the tract or lot of land in the previous year unless (i)
the amount of the increase in value that exceeds 5% is due to
new or added buildings, structures, or other improvements of
any kind whose value was not previously added to or included
in the valuation of the tract or lot or (ii) the amount of
the increase in value that exceeds 5% was established in the
sale of the property in an arms length transaction. Effective
immediately.
LRB9009638KDks
LRB9009638KDks
1 AN ACT to amend the Property Tax Code by adding Section
2 9-148.
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 adding
6 Section 9-148 as follows:
7 (35 ILCS 200/9-148 new)
8 Sec. 9-148. Limitation of assessment increases.
9 Notwithstanding any other provision of law to the contrary,
10 beginning with the 1998 levy year, in making assessments
11 under this Code, the assessor shall not increase the assessed
12 value of a tract or lot of land by more than 5% over the
13 assessed value of the tract or lot of land in the previous
14 year unless (i) the amount of the increase in value that
15 exceeds 5% is due to new or added buildings, structures, or
16 other improvements of any kind whose value was not previously
17 added to or included in the valuation of the tract or lot or
18 (ii) the amount of the increase in value that exceeds 5% was
19 established in the sale of the property in an arms length
20 transaction.
21 Section 99. Effective date. This Act takes effect upon
22 becoming law.