SB1230 EngrossedLRB097 00051 HLH 40054 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by adding
5Section 16-123 as follows:
 
6    (35 ILCS 200/16-123 new)
7    Sec. 16-123. Compulsory sales. The board of review in a
8county with more than 3,000,000 inhabitants shall include
9compulsory sales when reviewing and correcting assessments,
10including, but not limited to, those compulsory sales submitted
11by the taxpayer, if the board determines that those sales
12reflect the same property characteristics and condition as
13those originally used to make the assessment. The board shall
14also consider whether the compulsory sale would otherwise be
15considered an arm's length transaction.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.