SB1230eng 97TH GENERAL ASSEMBLY

SB1230 Engrossed LRB097 00051 HLH 40054 b

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 adding Section 16-123 as follows:

(35 ILCS 200/16-123 new)

Sec. 16-123. Compulsory sales. The board of review in a county with more than 3,000,000 inhabitants shall include compulsory sales when reviewing and correcting assessments, including, but not limited to, those compulsory sales submitted by the taxpayer, if the board determines that those sales reflect the same property characteristics and condition as those originally used to make the assessment. The board shall also consider whether the compulsory sale would otherwise be considered an arm's length transaction.

Section 99. Effective date. This Act takes effect upon becoming law.