Illinois House Bill 5776 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Property Tax Code. Provides that, through December 31, 2014, the assessed valuation of certain platted and subdivided property shall be determined based on the last assessed value assigned to the property prior to its last transfer or conveyance, not including the following transfers and conveyances: (i) the transfer to a holder of a mortgage pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure; (ii) the transfer to an agent or affiliate of a mortgage holder for the purposes of property management following a mortgage foreclosure proceeding or a transfer in lieu of foreclosure; or (iii) an initial sale of any platted lot. Provides that, beginning on January 1, 2015 (instead of January 1, 2012), the assessed valuation of that property shall be determined each year based on the estimated price the property would bring at a fair voluntary sale for use by the buyer for the same purposes for which the property was used when last assessed prior to its platting. Effective immediately.

PROP TX-SUBDIVISIONS

Rep. Tom Cross [R]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-03-09	House	Rule 19(a) / Re-referred to Rules Committee
2012-02-22	House	Assigned to Revenue & Finance Committee
2012-02-16	House	Referred to Rules Committee
2012-02-16	House	First Reading
2012-02-16	House	Filed with the Clerk by Rep. Tom Cross

Chapter	Article	Section	Citation Type	Statute Text
35	200	10-30	Amended Code	Citation Text
35	200	10-31	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5776&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB5776.htm