Full Text of SB3334 96th General Assembly
SB3334sam001 96TH GENERAL ASSEMBLY
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Sen. Chris Lauzen
Filed: 3/2/2010
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09600SB3334sam001 |
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LRB096 15786 HLH 37252 a |
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| AMENDMENT TO SENATE BILL 3334
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| AMENDMENT NO. ______. Amend Senate Bill 3334 on page 1, | 3 |
| line 5, by replacing "Section 1-50" with "Sections 1-50 and | 4 |
| 17-10"; and
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| on page 1, line 10, by replacing " may " with " shall "; and | 6 |
| on page 1, line 16, by replacing " may " with " shall "; and | 7 |
| on page 1, immediately below line 20, by inserting the | 8 |
| following:
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| "(35 ILCS 200/17-10)
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| Sec. 17-10. Sales ratio studies. The Department shall | 11 |
| monitor the
quality of local assessments by designing, | 12 |
| preparing and using ratio studies,
and shall use the results as | 13 |
| the basis for equalization decisions. In
compiling sales ratio | 14 |
| studies, the Department shall exclude from the reported
sales |
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LRB096 15786 HLH 37252 a |
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| price of any property any amounts included for personal | 2 |
| property and,
for sales occurring through December 31, 1999, | 3 |
| shall exclude
seller paid points. The Department shall not | 4 |
| include in its sales ratio
studies sales of property which have | 5 |
| been platted and for which an increase in
the assessed | 6 |
| valuation is restricted by Section 10-30.
The Department shall | 7 |
| not include in its sales ratio studies the initial sale
of | 8 |
| residential property that has been converted to condominium | 9 |
| property. The Department shall include foreclosure sales and | 10 |
| short sales in its sales ratio studies.
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| When the declaration
required under the Real Estate | 12 |
| Transfer Tax Law contains financing information
required under | 13 |
| Section 31-25, the Department shall adjust sales prices to
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| exclude seller-paid points and shall adjust sales prices to | 15 |
| "cash value" when
seller related financing is used that is | 16 |
| different than the prevailing cost of
cash. The prevailing cost | 17 |
| of cash for sales occurring on or after January 1,
1992 shall | 18 |
| be established as the monthly average 30-year fixed Primary | 19 |
| Mortgage
Market Survey rate for the North Central Region as | 20 |
| published weekly by the
Federal Home Loan Mortgage Corporation, | 21 |
| as computed by the Department, or such
other rate as determined | 22 |
| by the Department. This rate shall be known as the
survey rate. | 23 |
| For sales occurring on or after January 1, 1992, through
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| December 31, 1999, adjustments in
the prevailing cost of cash | 25 |
| shall be made only after the survey rate has been
at or above | 26 |
| 13% for 12 consecutive months and will continue until the |
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LRB096 15786 HLH 37252 a |
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| survey
rate has been below 13% for 12 consecutive months.
For | 2 |
| sales occurring on or after January 1, 2000, adjustments for | 3 |
| seller paid
points and adjustments in the prevailing cost of | 4 |
| cash shall be made only after
the survey rate has been at or | 5 |
| above 13% for 12 consecutive months and will
continue until the | 6 |
| survey rate has been below 13% for 12 consecutive months. The | 7 |
| Department shall make
public its adjustment procedure upon | 8 |
| request.
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| (Source: P.A. 91-555, eff. 1-1-00.)".
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