Illinois General Assembly - Bill Status for SB3259

Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.

Replaces everything after the enacting clause. Amends the Property Tax Code. Creates a special valuation method for commercial or industrial property that (i) is owned and used by a small business and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Provides that the property shall be valued at the lesser of (i) its modified equalized assessed value or (ii) 33 1/3% of its fair cash value. Provides that the property's modified equalized assessed value is (i) the equalized assessed value of the property for the taxable year immediately preceding the year in which the natural disaster occurred for the first taxable year after the natural disaster occurs and (ii) the modified equalized assessed value of the property for the previous taxable year, increased by 4%, for the second taxable year after the natural disaster occurs and thereafter. Provides that the valuation applies only if the structure is rebuilt within 2 years after the date of the natural disaster and the square footage of the rebuilt structure is not more than 110% of the square footage of the original structure as it existed immediately before the natural disaster. Effective immediately.

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with changes. Provides that the valuation applies only in the case of an occurrence of widespread or severe damage or loss of property resulting from a tornado or combination of tornadoes (instead of a "natural disaster"). Provides that qualified commercial and industrial property shall be valued at the lesser of (i) its modified equalized assessed value or (ii) 33 1/3% of its fair cash value or, in the case of property located in a county that classifies property for purposes of taxation in accordance with Section 4 of Article IX of the Constitution, the percentage of fair cash value as required by county ordinance (in the engrossed bill, the lesser of its modified equalized assessed value or 33 1/3% of its fair cash value). Effective immediately.

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