Bill Text: IL HB5049 | 2011-2012 | 97th 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 prior year (under the current law, the fair cash value is based on the sales ratio studies).

Sponsorship: Partisan Bill (Republican 8)

Status: (Failed) 2013-01-08 - Session Sine Die [HB5049 Detail]

Download: Illinois-2011-HB5049-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB5049 Introduced 2/7/2012, by Rep. Dennis M. Reboletti 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 prior year (under the current law, the fair cash value is based on the sales ratio studies).
LRB097 16828 HLH 62010 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
HB5049 LRB097 16828 HLH 62010 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 prior year.
(Source: P.A. 86-1481; 87-877; 88-455.)