Bill Text: IL SB3259 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0702 [SB3259 Detail]
Download: Illinois-2013-SB3259-Amended.html
Bill Title: Amends the Property Tax Code. Creates an abatement for property that (i) is used exclusively for commercial or industrial purposes and (ii) has been rebuilt following a natural disaster occurring in taxable year 2013 or any taxable year thereafter. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2014-07-07 - Public Act . . . . . . . . . 98-0702 [SB3259 Detail]
Download: Illinois-2013-SB3259-Amended.html
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| 1 | AMENDMENT TO SENATE BILL 3259
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 3259 on page 1, by | ||||||
| 3 | replacing lines 13 and 14 with the following:
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| 4 | "lesser of (i) its modified equalized assessed value or (ii) 33 | ||||||
| 5 | 1/3% of its fair cash value or, in the case of property located | ||||||
| 6 | in a county that classifies property for purposes of taxation | ||||||
| 7 | in accordance with Section 4 of Article IX of the Constitution, | ||||||
| 8 | the percentage of fair cash value as required by county | ||||||
| 9 | ordinance. The method of valuation under this".
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