Bill Text: IL HB3555 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies). Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB3555 Detail]

Download: Illinois-2011-HB3555-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB3555 Introduced 2/24/2011, by Rep. Sidney H. Mathias - Chris Nybo SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-55
Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies). Effective immediately.
LRB097 06201 HLH 46276 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB3555 LRB097 06201 HLH 46276 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 1-55 as follows:
(35 ILCS 200/1-55)
Sec. 1-55. 33 1/3%. One-third of the fair cash value of
property, as determined by the lesser of:
(1) the Department's sales ratio studies for the 3 most
recent years preceding the assessment year, adjusted to
take into account any changes in assessment levels
implemented since the data for the studies were collected;
or
(2) the valuation of the property in the year
immediately preceding the assessment year.
(Source: P.A. 86-1481; 87-877; 88-455.)
Section 99. Effective date. This Act takes effect upon
becoming law.