Bill Text: IL HB3579 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies). Effective immediately.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced - Dead) 2015-05-21 - Added Co-Sponsor Rep. Tim Butler [HB3579 Detail]

Download: Illinois-2015-HB3579-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB3579 Introduced , by Rep. Michael P. McAuliffe SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-55
Amends the Property Tax Code. Provides that, for the purposes of the definition of 33 1/3%, the fair cash value of property is determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year; or (2) the valuation of the property in the year immediately preceding the assessment year (under the current law, the fair cash value is based on the sales ratio studies). Effective immediately.
LRB099 07749 HLH 27882 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB3579 LRB099 07749 HLH 27882 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 fair cash value of
property, as determined by the lesser of:
(1) 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;
or
(2) the valuation of the property in the year
immediately preceding the assessment year.
(Source: P.A. 86-1481; 87-877; 88-455.)
Section 99. Effective date. This Act takes effect upon
becoming law.