Bill Text: IL SB0012 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-31 - Rule 3-9(a) / Re-referred to Assignments [SB0012 Detail]

Download: Illinois-2023-SB0012-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0012 Introduced 1/20/2023, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-55
Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
LRB103 25161 HLH 51500 b
A BILL FOR
SB0012 LRB103 25161 HLH 51500 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 the fair cash value of
property, as determined by 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.
(Source: P.A. 86-1481; 87-877; 88-455.)