91st General Assembly
Summary of HB1778
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Short description: 
PROP TX-TOWNSHIP EQUALIZATION                                              

Synopsis of Bill as introduced:
        Amends the Property Tax  Code  concerning  sales  ratio  studies.      
   Makes a technical change.                                                   
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          35 ILCS 200/17-5                                                     
          35 ILCS 200/17-15                                                    
          35 ILCS 200/17-20                                                    
          35 ILCS 200/17-25                                                    
          35 ILCS 200/17-30                                                    
          35 ILCS 200/17-35                                                    
          35 ILCS 200/31-10                                                    
          35 ILCS 200/31-15                                                    
          35 ILCS 200/31-25                                                    
          35 ILCS 200/31-30                                                    
          35 ILCS 200/31-35                                                    
          35 ILCS 200/31-45                                                    
          35 ILCS 200/31-47 new                                                
          35 ILCS 200/31-50                                                    
          35 ILCS 200/31-60                                                    
          35 ILCS 200/31-70                                                    
        Deletes everything.  Amends the Property Tax  Code.  Deletes  the      
   provisions  mandating  that  the  Department of Revenue apply separate      
   township equalization factors if there are substantial differences  in      
   the  assessment  level  in  the  townships.   Deletes  the  provisions      
   excepting   counties   that  elect  a  county  assessor  from  certain      
   provisions.  Provides that the Department may not include in its sales      
   ratio studies seller-paid points in the reported sales price  and  the      
   initial  sale  of  residential  property  that  has  been converted to      
   condominium property.  Deletes the provision excluding from  the  real      
   estate transfer tax the outstanding mortgage stated in the deed or the      
   document.    Changes   the   required   information  on  the  transfer      
   declaration.  Requires a verification to be included with the transfer      
   declaration.  Provides that any person  who  willfully  falsifies  the      
   real  estate  value on the declaration may be prosecuted within 5 (now      
   3) years of the act and is liable for  the  tax  due  in  addition  to      
   court-imposed fines.  Makes other changes.  Effective January 1, 2000.      
        SENATE AMENDMENT NO. 2.                                                
        Restores the provision excluding from the  real  estate  transfer      
   tax  the  outstanding  mortgage  stated in the deed or trust document.      
   Deletes the amendatory provisions including any  person  who  prepares      
   the  transfer  declaration  within  the penalty provisions of the Real      
   Estate Transfer Tax Law.                                                    
Last action on Bill: PUBLIC ACT.............................. 91-0555

   Last action date: 99-08-14

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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