Illinois General Assembly - Bill Status for HB5776
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 Bill Status of HB5776  100th General Assembly


Short Description:  PROP TX-SUBDIVISIONS

House Sponsors
Rep. Tom Cross

Last Action
DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/10-30
35 ILCS 200/10-31


Synopsis As Introduced
Amends the Property Tax Code. Provides that, through December 31, 2014, the assessed valuation of certain platted and subdivided property shall be determined based on the last assessed value assigned to the property prior to its last transfer or conveyance, not including the following transfers and conveyances: (i) the transfer to a holder of a mortgage pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure; (ii) the transfer to an agent or affiliate of a mortgage holder for the purposes of property management following a mortgage foreclosure proceeding or a transfer in lieu of foreclosure; or (iii) an initial sale of any platted lot. Provides that, beginning on January 1, 2015 (instead of January 1, 2012), the assessed valuation of that property shall be determined each year based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting. Effective immediately.

Actions 
DateChamber Action
  2/16/2012HouseFiled with the Clerk by Rep. Tom Cross
  2/16/2012HouseFirst Reading
  2/16/2012HouseReferred to Rules Committee
  2/22/2012HouseAssigned to Revenue & Finance Committee
  3/9/2012HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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