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IL HB5217

Bill

Official Source

Status

Introduced

1/27/2022

Primary Sponsor

Chris Bos

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Amends Section 1-55 of the Property Tax Code to change the period used for Department of Revenue sales ratio studies from 3 years to 5 years preceding the assessment year
  • Fair cash value of property shall be determined using data from the 5 most recent years instead of 3 most recent years
  • Maintains adjustment provisions for changes in assessment levels that occurred since the sales ratio study data were collected
  • Applies to property tax assessment determinations in Illinois

Legislative Description

PROP TX-SALES RATIO

Last Action

Rule 19(a) / Re-referred to Rules Committee

2/18/2022

Committee Referrals

Rules2/18/2022
Property Tax2/15/2022
Revenue & Finance2/9/2022
Rules1/31/2022

Full Bill Text

No bill text available