Bill Text: IL SB3498 | 2013-2014 | 98th 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 2% per year. Provides exceptions for the valuation of property that is sold, transferred, or conveyed during the taxable year and for new improvements.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2015-01-13 - Session Sine Die [SB3498 Detail]
Download: Illinois-2013-SB3498-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 98th General Assembly, except as otherwise provided | ||||||
16 | in this subsection, no increase in assessment may exceed 2% | ||||||
17 | per year. Property that is sold, transferred, or conveyed | ||||||
18 | during the taxable year shall be reassessed based on its | ||||||
19 | value as of the date of sale, transfer, or conveyance. | ||||||
20 | Property that is newly improved with a building, structure, | ||||||
21 | or other improvement that increases the assessed value of | ||||||
22 | the property during the taxable year shall be reassessed | ||||||
23 | based on the value of the improvement.
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24 | This Section is subject to and modified by Sections 10-110 | ||||||
25 | through 10-140 and
11-5 through 11-65.
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26 | (Source: P.A. 91-497, eff. 1-1-00.)
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