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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1544
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Makes a technical change in a Section
concerning the definition of "33 1/3%".
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A BILL FOR
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HB1544 |
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LRB096 05078 RCE 15144 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Section 1-55 as follows:
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| (35 ILCS 200/1-55)
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| Sec. 1-55. 33 1/3%. One-third of the
the fair cash value of |
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| property, as
determined by the Department's sales ratio studies |
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| for the 3 most recent years
preceding the assessment year, |
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| adjusted to take into account any changes in
assessment levels |
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| implemented since the data for the studies were collected. |
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| (Source: P.A. 86-1481; 87-877; 88-455.)
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