Full Text of SB3498 98th General Assembly
SB3498 98TH GENERAL ASSEMBLY
98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
Introduced 2/14/2014, by Sen. Matt Murphy
SYNOPSIS AS INTRODUCED:
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 2% per year. Provides
exceptions for the valuation of property that is sold, transferred, or
conveyed during the taxable year and for new improvements.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Property Tax Code is amended by changing
Section 9-145 as follows:
(35 ILCS 200/9-145)
Statutory level of assessment.
counties with more
than 200,000 inhabitants which classify
property for purposes of taxation,
property shall be valued as
(a) Each tract or lot of property shall be valued at 33
1/3% of its fair
(b) Each taxable leasehold estate shall be valued at 33
its fair cash value.
(c) Each building or structure which is located on the
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
coal, shall have value and be assessed separately at 33
of the fair cash value of such oil, gas and other
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minerals. Coal shall be
assessed separately at 33 1/3% of
the coal reserve economic value, as provided
10-170 through 10-200.
(e) In the assessment of property encumbered by public
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
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 98th General Assembly, except as otherwise provided
in this subsection, no increase in assessment may exceed 2%
per year. Property that is sold, transferred, or conveyed
during the taxable year shall be reassessed based on its
value as of the date of sale, transfer, or conveyance.
Property that is newly improved with a building, structure,
or other improvement that increases the assessed value of
the property during the taxable year shall be reassessed
based on the value of the improvement.
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.)