Bill Text: IL SB0511 | 2009-2010 | 96th 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%".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-08-15 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0511 Detail]

Download: Illinois-2009-SB0511-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB0511 Introduced 2/6/2009, by Sen. John J. Cullerton 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%".
LRB096 06508 RCE 16592 b
A BILL FOR
SB0511 LRB096 06508 RCE 16592 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.)