Bill Text: IL SB2695 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that, for assessment years following the next general assessment after the effective date of the amendatory Act, no increase in assessment may exceed 20% per year. Provides exceptions if: (1) the property is sold, transferred, or conveyed during the taxable year; (2) significant improvements were made to the property; (3) a homestead exemption or other preferential method of assessment was removed with respect to that property during the taxable year; or (4) the increase was due to an equalization factor imposed by the township, county, or Department of Revenue. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-04-05 - Rule 2-10 Committee Deadline Established As May 3, 2024 [SB2695 Detail]
Download: Illinois-2023-SB2695-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 9-145 as follows:
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6 | (35 ILCS 200/9-145) | |||||||||||||||||||
7 | Sec. 9-145. Statutory level of assessment. Except in | |||||||||||||||||||
8 | counties with more than 200,000 inhabitants which classify | |||||||||||||||||||
9 | property for purposes of taxation, property shall be valued as | |||||||||||||||||||
10 | follows: | |||||||||||||||||||
11 | (a) Each tract or lot of property shall be valued at 33 | |||||||||||||||||||
12 | 1/3% of its fair cash value. | |||||||||||||||||||
13 | (b) Each taxable leasehold estate shall be valued at | |||||||||||||||||||
14 | 33 1/3% of its fair cash value. | |||||||||||||||||||
15 | (c) Each building or structure which is located on the | |||||||||||||||||||
16 | right of way of any canal, railroad or other company | |||||||||||||||||||
17 | leased or granted to another company or person for a term | |||||||||||||||||||
18 | of years, shall be valued at 33 1/3% of its fair cash | |||||||||||||||||||
19 | value. | |||||||||||||||||||
20 | (d) Any property on which there is a coal or other | |||||||||||||||||||
21 | mine, or stone or other quarry, shall be valued at 33 1/3% | |||||||||||||||||||
22 | of its fair cash value. Oil, gas and other minerals, | |||||||||||||||||||
23 | except coal, shall have value and be assessed separately |
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1 | at 33 1/3% of the fair cash value of such oil, gas and | ||||||
2 | other minerals. Coal shall be assessed separately at 33 | ||||||
3 | 1/3% of the coal reserve economic value, as provided in | ||||||
4 | Sections 10-170 through 10-200. | ||||||
5 | (e) In the assessment of property encumbered by public | ||||||
6 | easement, any depreciation occasioned by such easement | ||||||
7 | shall be deducted in the valuation of such property. Any | ||||||
8 | property dedicated as a nature preserve or as a nature | ||||||
9 | preserve buffer under the Illinois Natural Areas | ||||||
10 | Preservation Act, for the purposes of this paragraph, is | ||||||
11 | encumbered by a public easement and shall be depreciated | ||||||
12 | for assessment purposes to a level at which its valuation | ||||||
13 | shall be $1 per acre or portion thereof. | ||||||
14 | (f) For assessment years following the next general | ||||||
15 | assessment after the effective date of this amendatory Act | ||||||
16 | of the 103rd General Assembly, no increase in assessment | ||||||
17 | may exceed 20% per year unless at least one of the | ||||||
18 | following factors is met: | ||||||
19 | (1) the property is sold, transferred, or conveyed | ||||||
20 | during the taxable year, in which case it shall be | ||||||
21 | reassessed based on its value as of the date of sale, | ||||||
22 | transfer, or conveyance; | ||||||
23 | (2) significant improvements were made to the | ||||||
24 | property; | ||||||
25 | (3) a homestead exemption or other preferential | ||||||
26 | method of assessment was removed with respect to that |
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1 | property during the taxable year; or | ||||||
2 | (4) the increase was due to an equalization factor | ||||||
3 | imposed by the township, county, or Department of | ||||||
4 | Revenue. | ||||||
5 | The property owner may request from the chief county | ||||||
6 | assessment officer reasonable proof that an increase in an | ||||||
7 | assessment of more than 20% is due to one of the items | ||||||
8 | listed in paragraphs (1) through (4). | ||||||
9 | This Section is subject to and modified by Sections 10-110 | ||||||
10 | through 10-140 and 11-5 through 11-65. | ||||||
11 | (Source: P.A. 91-497, eff. 1-1-00.)
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