IL HB3579

Amends the Property Tax Code Section 1-55 regarding the definition of "33 1/3%" (one-third of fair cash value of property).

Changes the fair cash value determination to use the lesser of two methods: (1) 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 is based solely on sales ratio studies; this bill introduces an alternative valuation method using the prior year's assessed value.

Takes effect immediately upon becoming law.