IL SB3259

Establishes a property tax valuation method for qualified commercial and industrial property owned by small businesses damaged in tornado disasters proclaimed by the Governor or President.

Small business property is valued at the lesser of its modified equalized assessed value or 33 1/3% of fair cash value (or applicable county percentage for counties that classify property for taxation purposes).

Valuation benefit continues until property ownership or use changes, or for 15 taxable years after the tornado disaster, whichever occurs first.

Requires damaged structures to be rebuilt within 2 years after the tornado disaster, with rebuilt square footage not exceeding 110% of the original structure's square footage.

Defines "small business" as a business employing fewer than 50 full-time employees, with the provision applying to tornado disasters occurring in taxable year 2013 and thereafter.