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IL SB1578
Bill
AI Summary
- Amends Section 1-55 of the Property Tax Code concerning the definition of "33 1/3%"
- Makes a technical correction to remove redundant language in the definition of one-third of fair cash value
- Defines 33 1/3% as one-third of the fair cash value of property as determined by the Department's sales ratio studies for the 3 most recent years preceding the assessment year
- Requires adjustment of the definition to account for any changes in assessment levels implemented since the sales ratio data were collected
Legislative Description
REVENUE-TECH
Last Action
Session Sine Die
1/13/2015
Committee Referrals
Assignments2/13/2013
Full Bill Text
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