Bill Text: IL SB3334 | 2009-2010 | 96th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Property Tax Code. Provides that assessment officials may consider foreclosure sales and short sales of comparable properties when determining fair cash value. Provides that boards of review and boards of appeals may consider foreclosure sales and short sales of comparable properties for the purpose of revising and correcting assessments and must consider those sales of comparable properties submitted by the taxpayer. Effective immediately.

Spectrum: Moderate Partisan Bill (Republican 6-1)

Status: (Passed) 2010-07-16 - Public Act . . . . . . . . . 96-1083 [SB3334 Detail]

Download: Illinois-2009-SB3334-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB3334 Introduced 2/10/2010, by Sen. Chris Lauzen SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-50
35 ILCS 200/16-17 new
Amends the Property Tax Code. Provides that assessment officials may consider foreclosure sales and short sales of comparable properties when determining fair cash value. Provides that boards of review and boards of appeals may consider foreclosure sales and short sales of comparable properties for the purpose of revising and correcting assessments and must consider those sales of comparable properties submitted by the taxpayer. Effective immediately.
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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 changing
Section 1-50 and by adding Section 16-17 as follows:
(35 ILCS 200/1-50)
Sec. 1-50. Fair cash value. The amount for which a property
can be sold in the due course of business and trade, not under
duress, between a willing buyer and a willing seller, except
that assessment officials may consider foreclosure sales and
short sales of comparable properties when determining fair cash
value.
(Source: P.A. 88-455.)
(35 ILCS 200/16-17 new)
Sec. 16-17. Foreclosure sales and short sales. A board of
review or board of appeals may consider foreclosure sales and
short sales of comparable properties for the purpose of
revising and correcting assessments as provided in this Article
and must consider those sales of comparable properties
submitted by the taxpayer.
Section 99. Effective date. This Act takes effect upon

SB3334 - 2 - LRB096 15786 HLH 31026 b
becoming law.