Bill Text: IL SB0355 | 2021-2022 | 102nd 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 - Dead) 2022-12-31 - Chief Sponsor Changed to Sen. Don Harmon [SB0355 Detail]

Download: Illinois-2021-SB0355-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB0355 Introduced 2/19/2021, by Sen. Melinda Bush 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%".
LRB102 16269 HLH 21651 b
A BILL FOR
SB0355 LRB102 16269 HLH 21651 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.)