SB2695 103RD GENERAL ASSEMBLY

LRB103 35896 HLH 65981 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2695

Introduced 1/10/2024, by Sen. Julie A. Morrison

SYNOPSIS AS INTRODUCED:

35 ILCS 200/9-145

Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 9-145 as follows:

(35 ILCS 200/9-145)

Sec. 9-145. Statutory level of assessment. Except in counties with more than 200,000 inhabitants which classify property for purposes of taxation, property shall be valued as follows:

(a) Each tract or lot of property shall be valued at 33 1/3% of its fair cash value.

(b) Each taxable leasehold estate shall be valued at 33 1/3% of its fair cash value.

(c) Each building or structure which is located on the right of way of any canal, railroad or other company leased or granted to another company or person for a term of years, shall be valued at 33 1/3% of its fair cash value.

(d) Any property on which there is a coal or other mine, or stone or other quarry, shall be valued at 33 1/3% of its fair cash value. Oil, gas and other minerals, except coal, shall have value and be assessed separately at 33 1/3% of the fair cash value of such oil, gas and other minerals. Coal shall be assessed separately at 33 1/3% of the coal reserve economic value, as provided in Sections 10-170 through 10-200.

(e) In the assessment of property encumbered by public easement, any depreciation occasioned by such easement shall be deducted in the valuation of such property. Any property dedicated as a nature preserve or as a nature preserve buffer under the Illinois Natural Areas Preservation Act, for the purposes of this paragraph, is encumbered by a public easement and shall be depreciated for assessment purposes to a level at which its valuation shall be $1 per acre or portion thereof.

(f) For assessment years following the next general assessment after the effective date of this amendatory Act of the 103rd General Assembly, no increase in assessment may exceed 20% per year unless at least one of the following factors is met:

(1) the property is sold, transferred, or conveyed during the taxable year, in which case it shall be reassessed based on its value as of the date of sale, transfer, or conveyance;

(2) significant improvements were made to the property;

(3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or

(4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue.

The property owner may request from the chief county assessment officer reasonable proof that an increase in an assessment of more than 20% is due to one of the items listed in paragraphs (1) through (4).

This Section is subject to and modified by Sections 10-110 through 10-140 and 11-5 through 11-65.

(Source: P.A. 91-497, eff. 1-1-00.)

Section 99. Effective date. This Act takes effect upon becoming law.