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IL HB5763
Bill
Status
Failed
1/8/2013
Primary Sponsor
Sidney Mathias
Click for details
AI Summary
- Amends Section 1-55 of the Property Tax Code to change how "33 1/3%" (one-third of fair cash value) is calculated for property assessments
- Fair cash value is now determined by the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year, or (2) the property valuation from the year immediately preceding the assessment year
- Under current law, fair cash value was based solely on sales ratio studies; this bill allows use of prior year valuation if it results in a lower assessment
- Takes effect immediately upon becoming law
- May trigger fiscal note and housing affordability impact note requirements
Legislative Description
PROP TX-ASSESSMENTS
Last Action
Session Sine Die
1/8/2013
Committee Referrals
Rules2/16/2012
Full Bill Text
No bill text available