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in accordance with Section 4 of Article IX of the Constitution,
the percentage of fair cash value as required by county
ordinance. The method of valuation under this Section shall
continue until there is a change in use or ownership of the
property or until the fifteenth taxable year after the tornado
disaster occurs, whichever occurs first. In order to qualify
for valuation under this Section, the structure must be rebuilt
within 2 years after the date of the tornado disaster, and the
square footage of the rebuilt structure may not be more than
110% of the square footage of the original structure as it
existed immediately prior to the tornado disaster.
"Base year" means the taxable year prior to the taxable
year in which the tornado disaster occurred.
"Modified equalized assessed value" means:
(1) in the first taxable year after the tornado
disaster occurs, the equalized assessed value of the
property for the base year; and
(2) in the second taxable year after the tornado
disaster occurs and thereafter, the modified equalized
assessed value of the property for the previous taxable
year, increased by 4%.
"Tornado disaster" means an occurrence of widespread or
severe damage or loss of property resulting from a tornado or
combination of tornadoes that has been proclaimed as a natural
disaster by the Governor or the President of the United States.
"Qualified parcel of property" means property that (i) is