IL HB5952

Amends the Property Tax Code Section 1-55 to change how "33 1/3%" (one-third of fair cash value) is determined for property tax assessment purposes.

Fair cash value is now calculated as the lesser of: (1) the Department of Revenue's sales ratio studies for the 3 most recent years preceding the assessment year, adjusted for any changes in assessment levels; 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 using the prior year's valuation if it results in a lower assessed value.

Takes effect immediately upon becoming law.