House Sponsors: BIGGINS-CURRIE-MATHIAS. Senate Sponsors: JONES,E Short description: PROP TX-TOWNSHIP EQUALIZATION Synopsis of Bill as introduced: Amends the Property Tax Code concerning sales ratio studies. Makes a technical change. SENATE AMENDMENT NO. 1. Adds reference to: 35 ILCS 200/17-5 35 ILCS 200/17-15 35 ILCS 200/17-20 35 ILCS 200/17-25 35 ILCS 200/17-30 35 ILCS 200/17-35 35 ILCS 200/31-10 35 ILCS 200/31-15 35 ILCS 200/31-25 35 ILCS 200/31-30 35 ILCS 200/31-35 35 ILCS 200/31-45 35 ILCS 200/31-47 new 35 ILCS 200/31-50 35 ILCS 200/31-60 35 ILCS 200/31-70 Deletes everything. Amends the Property Tax Code. Deletes the provisions mandating that the Department of Revenue apply separate township equalization factors if there are substantial differences in the assessment level in the townships. Deletes the provisions excepting counties that elect a county assessor from certain provisions. Provides that the Department may not include in its sales ratio studies seller-paid points in the reported sales price and the initial sale of residential property that has been converted to condominium property. Deletes the provision excluding from the real estate transfer tax the outstanding mortgage stated in the deed or the document. Changes the required information on the transfer declaration. Requires a verification to be included with the transfer declaration. Provides that any person who willfully falsifies the real estate value on the declaration may be prosecuted within 5 (now 3) years of the act and is liable for the tax due in addition to court-imposed fines. Makes other changes. Effective January 1, 2000. SENATE AMENDMENT NO. 2. Restores the provision excluding from the real estate transfer tax the outstanding mortgage stated in the deed or trust document. Deletes the amendatory provisions including any person who prepares the transfer declaration within the penalty provisions of the Real Estate Transfer Tax Law. Last action on Bill: PUBLIC ACT.............................. 91-0555 Last action date: 99-08-14 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status