|
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0451 Introduced 2/8/2011, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
| | |
Amends the Property Tax Code. Makes a technical change in a Section
concerning the definition of "33 1/3%".
|
| |
| | A BILL FOR |
|
|
| | SB0451 | | LRB097 04204 HLH 44243 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 1-55 as follows:
|
| 6 | | (35 ILCS 200/1-55)
|
| 7 | | Sec. 1-55. 33 1/3%. One-third of the
the fair cash value of |
| 8 | | property, as
determined by the Department's sales ratio studies |
| 9 | | for the 3 most recent years
preceding the assessment year, |
| 10 | | adjusted to take into account any changes in
assessment levels |
| 11 | | implemented since the data for the studies were collected. |
| 12 | | (Source: P.A. 86-1481; 87-877; 88-455.)
|