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91_HB1778
LRB9103278PTpr
1 AN ACT to amend the Property Tax Code by changing Section
2 17-10.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 17-10 as follows:
7 (35 ILCS 200/17-10)
8 Sec. 17-10. Sales ratio studies. The Department shall
9 monitor the quality of local assessments by designing,
10 preparing and using ratio studies, and the Department shall
11 use the results as the basis for equalization decisions. In
12 compiling sales ratio studies, the Department shall exclude
13 from the reported sales price of any property any amounts
14 included for personal property and seller paid points. The
15 Department shall not include in its sales ratio studies sales
16 of property which have been platted and for which an increase
17 in the assessed valuation is restricted by Section 10-30.
18 When the declaration required under the Real Estate Transfer
19 Tax Law contains financing information required under Section
20 31-25, the Department shall adjust sales prices to exclude
21 seller-paid points and shall adjust sales prices to "cash
22 value" when seller related financing is used that is
23 different than the prevailing cost of cash. The prevailing
24 cost of cash for sales occurring on or after January 1, 1992
25 shall be established as the monthly average 30-year fixed
26 Primary Mortgage Market Survey rate for the North Central
27 Region as published weekly by the Federal Home Loan Mortgage
28 Corporation, as computed by the Department, or such other
29 rate as determined by the Department. This rate shall be
30 known as the survey rate. For sales occurring on or after
31 January 1, 1992, adjustments in the prevailing cost of cash
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1 shall be made only after the survey rate has been at or above
2 13% for 12 consecutive months and will continue until the
3 survey rate has been below 13% for 12 consecutive months. The
4 Department shall not include in its sales ratio studies the
5 initial sale of residential property that has been converted
6 to condominium property. The Department shall make public its
7 adjustment procedure upon request.
8 (Source: P.A. 86-1481; 87-877; 88-455.)