Bill Text: IL HB5647 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, from assessment year 2025 through assessment year 2030, in Bremen, Bloom, Rich, and Thornton townships in Cook County, commercial and industrial property shall be assessed at the same level of assessment as residential property. Provides that, beginning with assessment year 2031, Cook County may establish a sliding scale with respect to the statutory level of assessment for commercial and industrial property in those townships that allows those properties to be subject to the same level of assessment as other commercial and industrial property in the county. Preempts the exercise of home rule powers. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB5647 Detail]

Download: Illinois-2023-HB5647-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5647 Introduced 2/9/2024, by Rep. Anthony DeLuca SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-153 new
Amends the Property Tax Code. Provides that, from assessment year 2025 through assessment year 2030, in Bremen, Bloom, Rich, and Thornton townships in Cook County, commercial and industrial property shall be assessed at the same level of assessment as residential property. Provides that, beginning with assessment year 2031, Cook County may establish a sliding scale with respect to the statutory level of assessment for commercial and industrial property in those townships that allows those properties to be subject to the same level of assessment as other commercial and industrial property in the county. Preempts the exercise of home rule powers. Effective immediately.
LRB103 38371 HLH 68506 b
A BILL FOR
HB5647 LRB103 38371 HLH 68506 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 adding
Section 9-153 as follows:
(35 ILCS 200/9-153 new)
Sec. 9-153. Balanced level of assessment. Notwithstanding
any other provision of law, from assessment year 2025 through
assessment year 2030, in Bremen, Bloom, Rich, and Thornton
townships in Cook County, commercial and industrial property
shall be assessed at the same level of assessment as
residential property in those townships. Beginning with
assessment year 2031, Cook County may establish a sliding
scale with respect to the statutory level of assessment for
commercial and industrial property in those townships that
allows those properties to be subject to the same level of
assessment as other commercial and industrial property in the
county.
This Section is a denial and limitation of home rule
powers and functions under subsection (g) of Section 6 of
Article VII of the Illinois Constitution.
Section 99. Effective date. This Act takes effect upon

HB5647 - 2 - LRB103 38371 HLH 68506 b