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IL HB5174
Bill
Status
Introduced
2/9/2016
Primary Sponsor
Michael Madigan
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AI Summary
- Amends Section 1-55 of the Property Tax Code concerning the definition of "33 1/3%"
- Makes a technical change to clarify that "33 1/3%" means one-third of the fair cash value of property
- Definition is based on the Department's sales ratio studies for the 3 most recent years preceding the assessment year
- Adjusts the calculation to account for any changes in assessment levels implemented since the study data were collected
Legislative Description
REVENUE-TECH
Last Action
Rule 19(a) / Re-referred to Rules Committee
6/30/2016
Committee Referrals
Rules6/30/2016
Revenue & Finance5/16/2016
Rules4/22/2016
Revenue & Finance4/21/2016
Rules4/8/2016
Executive2/16/2016
Rules2/10/2016
Full Bill Text
No bill text available