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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2049 Introduced , by Rep. Dennis M. Reboletti SYNOPSIS AS INTRODUCED:
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| | 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).
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB2049 | | LRB097 09311 HLH 49446 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 1-55 as follows:
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| 6 | | (35 ILCS 200/1-55)
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| 7 | | Sec. 1-55. 33 1/3%. One-third of the fair cash value of |
| 8 | | property, 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.
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| 15 | | (Source: P.A. 86-1481; 87-877; 88-455.)
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