(35 ILCS 200/18-40)
Application of equalization factor.
Each county clerk shall
apply the percentages certified by the Department and enter the equalized
valuations in the columns provided for that purpose. The percentages certified
by the Department shall be applied to the assessed valuation of property, as
corrected and equalized by the board of review, board of appeals, or local
assessment officers. In all cases of extension of valuations where the
equalized valuations are fractional, the clerk shall reject all fractions that
fall below 50¢. Fractions of 50¢ or more shall be extended as $1.
If the equalized assessed value of any property is less than $150 for an
assessment year, the county clerk may declare the imposition and collection of
all tax for that year to be extended on the parcel to be unfeasible and
cancelled. No tax shall be extended or collected on the parcel for that year
and the parcel shall not be sold for delinquent taxes.
(Source: P.A. 85-312; 88-455.)