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(35 ILCS 200/10-50)
(Text of Section before amendment by P.A. 103-592)
Sec. 10-50.
Valuation after 8 year valuation period.
For the 4 years after
the expiration of the 8-year valuation period, the valuation for purposes of
computing the assessed valuation shall be as follows:
For the first year, the base year valuation plus 25% of the adjustment in
value.
For the second year, the base year valuation plus 50% of the adjustment in
value.
For the third year, the base year valuation plus 75% of the adjustment in
value.
For the fourth year, the then current fair cash value.
(Source: P.A. 82-1023; 88-455.)
(Text of Section after amendment by P.A. 103-592) Sec. 10-50. Valuation after 8 year valuation period. (a) For the 4 years after the expiration of the 8-year valuation period, the valuation for purposes of computing the assessed valuation shall not exceed the following: For the first year, the base year valuation plus 25% |
| of the adjustment in value.
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For the second year, the base year valuation plus 50%
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| of the adjustment in value.
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For the third year, the base year valuation plus 75%
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| of the adjustment in value.
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For the fourth year, the then current fair cash value.
(b) If the current fair cash value during the adjustment valuation period is less than the base year valuation with the applicable adjustment, the assessment shall be based on the current fair cash value. The changes made to this Section by this amendatory Act of the 103rd General Assembly are declarative of existing law and shall not be construed as a new enactment.
(Source: P.A. 103-592, eff. 1-1-25.)
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