Illinois General Assembly - Full Text of HB5049
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Full Text of HB5049  97th General Assembly

HB5049 97TH GENERAL ASSEMBLY


 


 
97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5049

 

Introduced 2/7/2012, by Rep. Dennis M. Reboletti

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/1-55

    Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the prior year (under the current law, the fair cash value is based on the sales ratio studies).


LRB097 16828 HLH 62010 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5049LRB097 16828 HLH 62010 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 changing
5Section 1-55 as follows:
 
6    (35 ILCS 200/1-55)
7    Sec. 1-55. 33 1/3%. One-third of the fair cash value of
8property, as determined by the lesser of:
9        (1) the Department's sales ratio studies for the 3 most
10    recent years preceding the assessment year, adjusted to
11    take into account any changes in assessment levels
12    implemented since the data for the studies were collected;
13    or
14        (2) the valuation of the property in the prior year.
15(Source: P.A. 86-1481; 87-877; 88-455.)