Bill Text: IL SB3421 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit).
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2022-02-10 - Rule 3-9(a) / Re-referred to Assignments [SB3421 Detail]
Download: Illinois-2021-SB3421-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,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Property Tax Code is amended by changing | |||||||||||||||||||
| 5 | Section 11-80 as follows:
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| 6 | (35 ILCS 200/11-80)
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| 7 | Sec. 11-80. Assessment procedure for railroad companies. | |||||||||||||||||||
| 8 | In assessing
the taxable property of any railroad company, the | |||||||||||||||||||
| 9 | Department shall first
determine 33 1/3% of the fair cash | |||||||||||||||||||
| 10 | value of all the property of any railroad
company based on the | |||||||||||||||||||
| 11 | location of the property as a unit, but shall make due | |||||||||||||||||||
| 12 | allowance for any non-carrier real estate
and all personalty.
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| 13 | The Department shall take into consideration the actual or | |||||||||||||||||||
| 14 | market value of
the shares of stock outstanding, the actual or | |||||||||||||||||||
| 15 | market value of all bonds
outstanding and all other | |||||||||||||||||||
| 16 | indebtedness as is applicable, for operating the
road. In | |||||||||||||||||||
| 17 | determining the market value of the stock or indebtedness the
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| 18 | Department shall consider quotations for the 5 years preceding | |||||||||||||||||||
| 19 | the assessment
date; the net earnings of the company during | |||||||||||||||||||
| 20 | the 5 calendar years preceding the
assessment date; and such | |||||||||||||||||||
| 21 | other information as the Department may consider as
bearing on | |||||||||||||||||||
| 22 | the fair cash value of the property. The valuation by the
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| 23 | Department shall include capital stock and all other property | |||||||||||||||||||
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| 1 | of railroad
companies, except non-carrier real estate. The | ||||||
| 2 | above facts shall not be
conclusive upon the Department in | ||||||
| 3 | determining 33 1/3% of the fair cash value of
the property of a | ||||||
| 4 | railroad company.
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| 5 | The Department shall determine the equalized assessed | ||||||
| 6 | value of the taxable
property of every railroad company by | ||||||
| 7 | applying to its determination of 33 1/3%
of the fair cash value | ||||||
| 8 | of the property an equalization factor equal to the
statewide | ||||||
| 9 | average ratio of the equalized assessed value of locally | ||||||
| 10 | assessed
property to 33 1/3% of the fair cash value of such | ||||||
| 11 | locally assessed property.
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| 12 | The Department shall assess the value of all operating | ||||||
| 13 | property acquired by a
railroad company or its wholly-owned | ||||||
| 14 | subsidiary by trade with a municipality,
which is situated in | ||||||
| 15 | a state contiguous to Illinois, at no greater value than
the | ||||||
| 16 | value of the operating property traded to the municipality for | ||||||
| 17 | the property
by the railroad company. The value shall be that | ||||||
| 18 | value established for the
year immediately preceding the | ||||||
| 19 | calendar year of the trade. The assessment
shall not increase, | ||||||
| 20 | but may decrease, during the 10 years following the
calendar | ||||||
| 21 | year of the trade.
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| 22 | (Source: P.A. 86-173; 86-905; 86-1028; 88-455.)
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