Bill Text: IL SB3326 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, in counties with fewer than 3,000,000 inhabitants, the amount in the indemnity fund shall not be less than 0.03% of the total equalized assessed valuation of the property in the county or $25,000 (currently, $50,000), whichever is greater.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-03 - Rule 3-9(a) / Re-referred to Assignments [SB3326 Detail]

Download: Illinois-2023-SB3326-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB3326 Introduced 2/7/2024, by Sen. Steve Stadelman SYNOPSIS AS INTRODUCED:
35 ILCS 200/21-300
Amends the Property Tax Code. Provides that, in counties with fewer than 3,000,000 inhabitants, the amount in the indemnity fund shall not be less than 0.03% of the total equalized assessed valuation of the property in the county or $25,000 (currently, $50,000), whichever is greater.
LRB103 38413 HLH 68548 b
A BILL FOR
SB3326 LRB103 38413 HLH 68548 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 21-300 as follows:
(35 ILCS 200/21-300)
Sec. 21-300. Amount to be retained in indemnity fund.
(a) The county board in each county shall determine the
amount of the fund to be maintained in that county. In counties
with fewer than 3,000,000 inhabitants, that amount shall not
be less than 0.03% of the total assessed valuation, as
equalized by the Department, of the property in the county, or
$25,000, whichever is greater. In counties with 3,000,000 or
more inhabitants, the , which amount shall not be less than
0.03% of the total assessed valuation, as equalized by the
Department, of property within the county County, or $50,000,
whichever is greater. In counties with fewer than 3,000,000
inhabitants, the balance of the fund , and shall not be greater
than $1,000,000. In counties with 3,000,000 or more
inhabitants, the balance of the fund shall not be in counties
with less than 3,000,000 inhabitants, and not greater than
$2,000,000 in counties with 3,000,000 or more inhabitants. Any
moneys accumulated by the County Treasurer in excess of the

SB3326 - 2 - LRB103 38413 HLH 68548 b