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91_HB2929
LRB9108061SMpr
1 AN ACT to amend the Property Tax Code by changing
2 Sections 16-80 and 16-147.
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 Sections 16-80 and 16-147 as follows:
7 (35 ILCS 200/16-80)
8 Sec. 16-80. Reduced assessment of homestead property. In
9 any county with fewer than 3,000,000 inhabitants, if the
10 board of review lowers the assessment of a particular parcel
11 of property on which a residence occupied by the owner is
12 situated, the reduced assessment, subject to equalization,
13 shall remain in effect for the remainder of the general
14 assessment period as provided in Sections 9-215 through
15 9-225, unless the taxpayer, county assessor, or other
16 interested party can show substantial cause why the reduced
17 assessment should not remain in effect, or unless the
18 decision of the board is reversed or modified upon review.
19 (Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff.
20 8-14-96.)
21 (35 ILCS 200/16-147)
22 Sec. 16-147. Reduced assessment of homestead property.
23 In any county with 3,000,000 or more inhabitants, if the
24 board of review or board of appeals lowers the assessment of
25 a particular parcel of property on which a residence occupied
26 by the owner is situated, the reduced assessment, subject to
27 equalization, shall remain in effect for the remainder of the
28 general assessment period as provided in Sections 9-215
29 through 9-225, unless the taxpayer, county assessor, or other
-2- LRB9108061SMpr
1 interested party can show substantial cause why the reduced
2 assessment should not remain in effect, or unless the
3 decision of the board is reversed or modified upon review.
4 (Source: P.A. 89-671, eff. 8-14-96.)