HB2217 Summary

• Requires taxpayers of income-producing property to submit annual income and expense data to county assessment officers in counties with 3,000,000+ inhabitants by July 1 each year; allows smaller counties to adopt this requirement by resolution with a March 30 deadline.

• Defines "income producing property" as real property generating or owned to generate income, excluding properties with assessed values of $100,000 or less, residential properties with 6 or fewer units, and farm properties.

• Allows assessors to consider income and expense data, sales data, property characteristics, construction costs, appraisals, and other valuation information when determining fair cash value for property assessment purposes.

• Imposes penalties on taxpayers who fail to submit required data: 2% of prior year's assessed value if not submitted within 60 days of notice, plus an additional 2.5% if not submitted within 120 days.

• Prevents taxpayers from appealing their assessment to the assessor if they fail to provide required income and expense data; permits State's Attorney to compel production of data by subpoena.