HB2049 97TH GENERAL ASSEMBLY

LRB097 09311 HLH 49446 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2049

Introduced , 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).

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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 1-55 as follows:

(35 ILCS 200/1-55)

Sec. 1-55. 33 1/3%. One-third of the fair cash value of property, as determined by the lesser of:

(1) the Department's sales ratio studies for the 3 most recent years preceding the assessment year, adjusted to take into account any changes in assessment levels implemented since the data for the studies were collected; or

(2) the valuation of the property in the prior year.

(Source: P.A. 86-1481; 87-877; 88-455.)