Bill Text: IL HB3516 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. In a Section providing that in counties with a population of under 3,000,000, certain reduced assessments shall remain in place unless there is substantial cause shown why the reduced assessment should not remain in effect, provides a non-exclusive list of substantial causes. Effective immediately.
Spectrum: Slight Partisan Bill (Republican 5-2)
Status: (Failed) 2019-01-08 - Session Sine Die [HB3516 Detail]
Download: Illinois-2017-HB3516-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 16-80 as follows:
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6 | (35 ILCS 200/16-80)
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7 | Sec. 16-80. Reduced assessment of homestead property. In | ||||||||||||||||||||||||
8 | any county
with
fewer than 3,000,000 inhabitants, if
the board | ||||||||||||||||||||||||
9 | of review
lowers the assessment of a particular parcel on which | ||||||||||||||||||||||||
10 | a
residence occupied by
the owner is situated, the reduced | ||||||||||||||||||||||||
11 | assessment, subject to equalization, shall
remain in effect for | ||||||||||||||||||||||||
12 | the remainder of the general assessment period as provided
in | ||||||||||||||||||||||||
13 | Sections 9-215 through 9-225, unless the taxpayer, county | ||||||||||||||||||||||||
14 | assessor, or
other interested party
can show substantial cause | ||||||||||||||||||||||||
15 | why the reduced assessment should not remain in
effect , such as | ||||||||||||||||||||||||
16 | a change in physical characteristics or condition, factual | ||||||||||||||||||||||||
17 | error, or if the parcel is subsequently sold in an arm's length | ||||||||||||||||||||||||
18 | transaction establishing a fair cash value for the parcel that | ||||||||||||||||||||||||
19 | is different from the fair cash value on which the Board's | ||||||||||||||||||||||||
20 | assessment is based , or unless the decision of the board is | ||||||||||||||||||||||||
21 | reversed or modified upon
review.
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22 | (Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff. | ||||||||||||||||||||||||
23 | 8-14-96.)
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.
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