Bill Text: IL HB5174 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2016-06-30 - Rule 19(a) / Re-referred to Rules Committee [HB5174 Detail]

Download: Illinois-2015-HB5174-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB5174 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-55
Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
LRB099 17288 HLH 41646 b
A BILL FOR
HB5174 LRB099 17288 HLH 41646 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 the fair cash value of
property, as determined by 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.
(Source: P.A. 86-1481; 87-877; 88-455.)