Bill Text: IL HB4913 | 2009-2010 | 96th General Assembly | Introduced

---

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.

Sponsorship: Partisan Bill (Republican 6)

Status: (Introduced - Dead) 2010-03-15 - Rule 19(a) / Re-referred to Rules Committee [HB4913 Detail]

Download: Illinois-2009-HB4913-Introduced.html

---

96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB4913 Introduced 1/15/2010, by Rep. Sidney H. Mathias 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.
LRB096 15662 HLH 30898 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB4913 LRB096 15662 HLH 30898 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.