Bill Title: Amends the Property Tax Code. Defines "flooding disaster." Provides that in order to qualify for valuation as a qualified commercial and industrial property, the structure must be rebuilt within 2 years after the date of the tornado disaster or flooding disaster, (currently, tornado disaster) and the square footage of the rebuilt structure may not be more than 110% of the square footage of the original structure as it existed immediately prior to the tornado disaster or flooding disaster (currently, tornado disaster). Modifies "base year" to include tornado disaster or flooding disaster (currently, tornado disaster). Makes similar changes regarding "modified equalized assessed value" and "qualified parcel of property." Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee
[HB4975 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2022-01-26 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois HB4975 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB4975 currently on file. |
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