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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1230 Introduced 2/8/2011, by Sen. Chris Lauzen SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that the board of review in a county with more than 3,000,000 inhabitants shall include compulsory sales when reviewing and correcting assessments, including, but not limited to, those compulsory sales submitted by the taxpayer, if the board determines that those sales reflect the same property characteristics and condition as those originally used to make the assessment. Provides that the board shall consider whether the compulsory sale would otherwise be considered an arm's length transaction. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB1230 | | LRB097 00051 HLH 40054 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 16-123 as follows:
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| 6 | | (35 ILCS 200/16-123 new) |
| 7 | | Sec. 16-123. Compulsory sales. The board of review in a |
| 8 | | county with more than 3,000,000 inhabitants shall include |
| 9 | | compulsory sales when reviewing and correcting assessments, |
| 10 | | including, but not limited to, those compulsory sales submitted |
| 11 | | by the taxpayer, if the board determines that those sales |
| 12 | | reflect the same property characteristics and condition as |
| 13 | | those originally used to make the assessment. The board shall |
| 14 | | also consider whether the compulsory sale would otherwise be |
| 15 | | considered an arm's length transaction.
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| 16 | | Section 99. Effective date. This Act takes effect upon |
| 17 | | becoming law.
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