Bill Text: IL SB0686 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Failed) 2019-01-09 - Session Sine Die [SB0686 Detail]
Download: Illinois-2017-SB0686-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||||||||||||||||||||
5 | Section 9-145 as follows:
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6 | (35 ILCS 200/9-145)
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7 | Sec. 9-145. Statutory level of assessment. Except in | ||||||||||||||||||||||||
8 | counties with more
than 200,000 inhabitants which classify | ||||||||||||||||||||||||
9 | property for purposes of taxation,
property shall be valued as | ||||||||||||||||||||||||
10 | follows:
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11 | (a) Each tract or lot of property shall be valued at 33 | ||||||||||||||||||||||||
12 | 1/3% of its fair
cash value.
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13 | (b) Each taxable leasehold estate shall be valued at 33 | ||||||||||||||||||||||||
14 | 1/3% of
its fair cash value.
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15 | (c) Each building or structure which is located on the | ||||||||||||||||||||||||
16 | right of
way of any canal, railroad or other company leased | ||||||||||||||||||||||||
17 | or granted to another
company or person for a term of | ||||||||||||||||||||||||
18 | years, shall be valued at 33 1/3% of its
fair cash value.
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19 | (d) Any property on which there is a coal or other | ||||||||||||||||||||||||
20 | mine, or stone or other
quarry, shall be valued at 33 1/3% | ||||||||||||||||||||||||
21 | of its fair cash value. Oil, gas and other
minerals, except | ||||||||||||||||||||||||
22 | coal, shall have value and be assessed separately at 33 | ||||||||||||||||||||||||
23 | 1/3%
of the fair cash value of such oil, gas and other |
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1 | minerals. Coal shall be
assessed separately at 33 1/3% of | ||||||
2 | the coal reserve economic value, as provided
in Sections | ||||||
3 | 10-170 through 10-200.
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4 | (e) In the assessment of property encumbered by public | ||||||
5 | easement,
any depreciation occasioned by such easement | ||||||
6 | shall be deducted in the
valuation of such property. Any | ||||||
7 | property dedicated as a nature preserve
or as a nature | ||||||
8 | preserve buffer
under the Illinois Natural Areas | ||||||
9 | Preservation Act, for the purposes of
this paragraph, is | ||||||
10 | encumbered by a public easement and shall be depreciated
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11 | for assessment purposes to a level at which its valuation | ||||||
12 | shall be $1
per acre or portion thereof. | ||||||
13 | (f) For assessment years following the next general | ||||||
14 | assessment after the effective date of this amendatory Act | ||||||
15 | of the 100th General Assembly, no increase in assessment | ||||||
16 | may exceed 20% per year unless at least one of the | ||||||
17 | following factors is met: | ||||||
18 | (1) the property is sold, transferred, or conveyed | ||||||
19 | during the taxable year, in which case it shall be | ||||||
20 | reassessed based on its value as of the date of sale, | ||||||
21 | transfer, or conveyance;
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22 | (2) significant improvements were made to the | ||||||
23 | property; | ||||||
24 | (3) a homestead exemption or other preferential | ||||||
25 | method of assessment was removed with respect to that | ||||||
26 | property during the taxable year; or |
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1 | (4) the increase was due to an equalization factor | ||||||
2 | imposed by the township, county, or Department of | ||||||
3 | Revenue. | ||||||
4 | The property owner may request from the chief county | ||||||
5 | assessment officer reasonable proof that an increase in an | ||||||
6 | assessment of more than 20% is due to one of the items | ||||||
7 | listed in paragraphs (1) through (4). | ||||||
8 | This Section is subject to and modified by Sections 10-110 | ||||||
9 | through 10-140 and
11-5 through 11-65.
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10 | (Source: P.A. 91-497, eff. 1-1-00.)
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11 | Section 99. Effective date. This Act takes effect upon | ||||||
12 | becoming law.
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