Bill Text: IL SB3498 | 2013-2014 | 98th 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 2% per year. Provides exceptions for the valuation of property that is sold, transferred, or conveyed during the taxable year and for new improvements.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2015-01-13 - Session Sine Die [SB3498 Detail]

Download: Illinois-2013-SB3498-Introduced.html

---

98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 SB3498 Introduced 2/14/2014, by Sen. Matt Murphy SYNOPSIS AS INTRODUCED:
35 ILCS 200/9-145
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 2% per year. Provides exceptions for the valuation of property that is sold, transferred, or conveyed during the taxable year and for new improvements.
LRB098 19623 HLH 54819 b
FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
SB3498 LRB098 19623 HLH 54819 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 9-145 as follows:
(35 ILCS 200/9-145)
Sec. 9-145. Statutory level of assessment. Except in
counties with more than 200,000 inhabitants which classify
property for purposes of taxation, property shall be valued as
follows:
(a) Each tract or lot of property shall be valued at 33
1/3% of its fair cash value.
(b) Each taxable leasehold estate shall be valued at 33
1/3% of its fair cash value.
(c) Each building or structure which is located on the
right of way of any canal, railroad or other company leased
or granted to another company or person for a term of
years, shall be valued at 33 1/3% of its fair cash value.
(d) Any property on which there is a coal or other
mine, or stone or other quarry, shall be valued at 33 1/3%
of its fair cash value. Oil, gas and other minerals, except
coal, shall have value and be assessed separately at 33
1/3% of the fair cash value of such oil, gas and other

SB3498 - 2 - LRB098 19623 HLH 54819 b
minerals. Coal shall be assessed separately at 33 1/3% of
the coal reserve economic value, as provided in Sections
10-170 through 10-200.
(e) In the assessment of property encumbered by public
easement, any depreciation occasioned by such easement
shall be deducted in the valuation of such property. Any
property dedicated as a nature preserve or as a nature
preserve buffer under the Illinois Natural Areas
Preservation Act, for the purposes of this paragraph, is
encumbered by a public easement and shall be depreciated
for assessment purposes to a level at which its valuation
shall be $1 per acre or portion thereof.
(f) For assessment years following the next general
assessment after the effective date of this amendatory Act
of the 98th General Assembly, except as otherwise provided
in this subsection, no increase in assessment may exceed 2%
per year. Property that is sold, transferred, or conveyed
during the taxable year shall be reassessed based on its
value as of the date of sale, transfer, or conveyance.
Property that is newly improved with a building, structure,
or other improvement that increases the assessed value of
the property during the taxable year shall be reassessed
based on the value of the improvement.
This Section is subject to and modified by Sections 10-110
through 10-140 and 11-5 through 11-65.
(Source: P.A. 91-497, eff. 1-1-00.)