Bill Text: IL SB0512 | 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%".

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2016-07-31 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0512 Detail]

Download: Illinois-2015-SB0512-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB0512 Introduced 1/28/2015, 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%".
LRB099 03047 HLH 23055 b
A BILL FOR
SB0512 LRB099 03047 HLH 23055 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.)