Bill Text: IL HB4063 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that township assessors and county assessors must monitor the average fair-market value of residential property within their jurisdiction. Provides that, if the average fair-market value of residential property within the jurisdiction of the assessor falls by more than 7% in any taxable year, the assessor shall notify the Illinois Department of Revenue. Provides that, whenever the Department of Revenue is notified by a county or township assessor that the average fair-market value of residential property within the jurisdiction of a township or county assessor has fallen by more than 7%, it shall immediately impose an additional special multiplier in the geographic area specified by the assessor so that the equalized assessed value of all property in the geographic area reflects the decline in fair-market value.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB4063 Detail]

Download: Illinois-2009-HB4063-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB4063 Introduced 2/27/2009, by Rep. Michael W. Tryon SYNOPSIS AS INTRODUCED:
35 ILCS 200/2-85 new
35 ILCS 200/3-70 new
35 ILCS 200/8-13 new
Amends the Property Tax Code. Provides that township assessors and county assessors must monitor the average fair-market value of residential property within their jurisdiction. Provides that, if the average fair-market value of residential property within the jurisdiction of the assessor falls by more than 7% in any taxable year, the assessor shall notify the Illinois Department of Revenue. Provides that, whenever the Department of Revenue is notified by a county or township assessor that the average fair-market value of residential property within the jurisdiction of a township or county assessor has fallen by more than 7%, it shall immediately impose an additional special multiplier in the geographic area specified by the assessor so that the equalized assessed value of all property in the geographic area reflects the decline in fair-market value.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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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 adding
Sections 2-85, 3-70, and 8-13 as follows:
(35 ILCS 200/2-85 new)
Sec. 2-85. Powers and duties; drop in fair-market value. In
addition to any other powers and duties of township assessors
under this Article, township assessors must monitor the average
fair-market value of residential property within the
jurisdiction of the township assessor. If the average
fair-market value of residential property within the
jurisdiction of the township assessor falls by more than 7% in
any taxable year, the township assessor shall notify the
Illinois Department of Revenue.
(35 ILCS 200/3-70 new)
Sec. 3-70. Powers and duties; drop in fair-market value. In
addition to any other powers and duties of county assessors
under this Article, county assessors must monitor the average
fair-market value of residential property within the
jurisdiction of the county assessor. If the average fair-market
value of residential property within the jurisdiction of the

HB4063 - 2 - LRB096 10462 HLH 20634 b
county assessor falls by more than 7% in any taxable year, the
county assessor shall notify the Illinois Department of
Revenue.
(35 ILCS 200/8-13 new)
Sec. 8-13. Special multiplier. Notwithstanding any other
provision of law, whenever the Department is notified by a
county or township assessor that the average fair-market value
of residential property within the jurisdiction of that
assessor has fallen by more than 7%, the Department shall
immediately impose an additional special multiplier in the
geographic area specified by the assessor so that the equalized
assessed value of all property in the geographic area reflects
the decline in fair-market value.