Bill Text: IL HB4509 | 2017-2018 | 100th General Assembly | Introduced

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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.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2019-01-08 - Session Sine Die [HB4509 Detail]

Download: Illinois-2017-HB4509-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB4509 Introduced , by Rep. Nick Sauer SYNOPSIS AS INTRODUCED:
35 ILCS 200/16-80
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.
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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 16-80 as follows:
(35 ILCS 200/16-80)
Sec. 16-80. Reduced assessment of homestead property. In
any county with fewer than 3,000,000 inhabitants, if the board
of review lowers the assessment of a particular parcel on which
a residence occupied by the owner is situated, the reduced
assessment, subject to equalization, shall remain in effect for
the remainder of the general assessment period as provided in
Sections 9-215 through 9-225, unless the taxpayer, county
assessor, or other interested party can show substantial cause
why the reduced assessment should not remain in effect, such as
a change in physical characteristics or condition, factual
error, or if the parcel is subsequently sold in an arm's length
transaction establishing a fair cash value for the parcel that
is different from the fair cash value on which the Board's
assessment is based, or unless the decision of the board is
reversed or modified upon review.
(Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff.
8-14-96.)

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Section 99. Effective date. This Act takes effect upon
becoming law.