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Rep. Dennis M. Reboletti
Filed: 4/12/2013
| | 09800HB1614ham001 | | LRB098 06031 HLH 44538 a |
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| 1 | | AMENDMENT TO HOUSE BILL 1614
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| 2 | | AMENDMENT NO. ______. Amend House Bill 1614 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 1-55 as follows:
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| 6 | | (35 ILCS 200/1-55)
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| 7 | | Sec. 1-55. 33 1/3%. One-third of the fair cash value of |
| 8 | | property, as
determined by the lesser of: |
| 9 | | (1) the Department's sales ratio studies for the 3 most |
| 10 | | recent years
preceding the assessment year, adjusted to |
| 11 | | take into account any changes in
assessment levels |
| 12 | | implemented since the data for the studies were collected; |
| 13 | | or |
| 14 | | (2) the valuation of the property in the prior year.
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| 15 | | (Source: P.A. 86-1481; 87-877; 88-455.)".
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