Loading chat...
IL HB5049
Bill
Status
Failed
1/8/2013
Primary Sponsor
Dennis Reboletti
Click for details
AI Summary
- Amends the Property Tax Code Section 1-55 regarding the definition of "33 1/3%" (one-third of fair cash value)
- Changes fair cash value determination from using only Department of Revenue sales ratio studies to using the lesser of two methods
- Fair cash value now determined by the lower of: (1) Department's sales ratio studies for the 3 most recent years preceding the assessment year, adjusted for assessment level changes, or (2) the property's valuation in the prior year
- Current law based valuation solely on sales ratio studies; this bill introduces prior year valuation as an alternative method that could limit assessment increases
Legislative Description
PROP TX-ASSESSMENTS
Last Action
Session Sine Die
1/8/2013
Committee Referrals
Rules2/7/2012
Full Bill Text
No bill text available