Bill Text: IL HB5217 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that the fair cash value of property shall be determined by the Department of Revenue's sales ratio studies for the 5 (currently, 3) most recent years preceding the assessment year.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB5217 Detail]

Download: Illinois-2021-HB5217-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB5217 Introduced , by Rep. Chris Bos SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-55
Amends the Property Tax Code. Provides that the fair cash value of property shall be determined by the Department of Revenue's sales ratio studies for the 5 (currently, 3) most recent years preceding the assessment year.
LRB102 22327 HLH 31464 b
A BILL FOR
HB5217 LRB102 22327 HLH 31464 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 Department's sales ratio
studies for the 5 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.
(Source: P.A. 86-1481; 87-877; 88-455.)