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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4912
Introduced , by Rep. Timothy L. Schmitz SYNOPSIS AS INTRODUCED:
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20 ILCS 2505/2505-560 new |
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Amends the Department of Revenue Law of the
Civil Administrative Code of Illinois. Requires the Department of Revenue to conduct a study to determine the effects and feasibility of assessing property in the State at 100% rather than at 33 1/3% of its fair cash value. Requires the Department to submit a report to the Governor and the General Assembly no later than January 1, 2009 concerning the study. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4912 |
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LRB095 19575 BDD 45901 b |
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Department of Revenue Law of the
Civil |
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| Administrative Code of Illinois is amended by adding Section |
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| 2505-560 as follows:
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| (20 ILCS 2505/2505-560 new)
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| Sec. 2505-560. Study concerning property tax assessment |
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| procedures. The Department must conduct a study to determine |
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| the effects and feasibility of assessing property in the State |
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| at 100% rather than at 33 1/3% of its fair cash value. The |
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| study must consider, without limitation, the effect that the |
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| change in valuation would have on property tax rates, the |
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| distribution of the property tax burden on taxpayers, and the |
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| value of exemptions. No later than January 1, 2009, the |
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| Department must submit a report to the Governor and the General |
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| Assembly concerning the study under this Section.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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