[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_SB1564
LRB9111533SMdv
1 AN ACT to amend the Property Tax Code by changing Section
2 1-55.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 1-55 as follows:
7 (35 ILCS 200/1-55)
8 Sec. 1-55. 33 1/3%. "33 1/3%" means one-third of the
9 fair cash value of property, as determined by the
10 Department's sales ratio studies for the 3 most recent years
11 preceding the assessment year, adjusted to take into account
12 any changes in assessment levels implemented since the data
13 for the studies were collected.
14 (Source: P.A. 86-1481; 87-877; 88-455.)