Bill Text: IL HB5064 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB5064 Detail]
Download: Illinois-2013-HB5064-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, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | |||||||||||||||||||
5 | Section 1-55 as follows:
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6 | (35 ILCS 200/1-55)
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7 | Sec. 1-55. 33 1/3%. One-third of the
the fair cash value of | |||||||||||||||||||
8 | property, as
determined by the Department's sales ratio studies | |||||||||||||||||||
9 | for the 3 most recent years
preceding the assessment year, | |||||||||||||||||||
10 | adjusted to take into account any changes in
assessment levels | |||||||||||||||||||
11 | implemented since the data for the studies were collected. | |||||||||||||||||||
12 | (Source: P.A. 86-1481; 87-877; 88-455.)
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