SB2544 Summary

• Removes provisions concerning compulsory sales from the Property Tax Code by repealing Section 1-23 and Section 16-183

• Eliminates requirement that the board of review include compulsory sales when reviewing and correcting property assessments under Section 16-55

• Removes language from Section 16-65 requiring the board of review to consider compulsory sales in its equalization process during assessment year 2011 and thereafter

• Deletes provisions from Section 17-10 requiring the Department to include compulsory sales occurring on or after January 1, 2011 in sales ratio studies

• Removes requirement from Section 31-25 that transfer declarations identify whether a transaction is a compulsory sale