HB2513 Summary

• Amends the Historic Residence Assessment Freeze Law to clarify that fair cash value is based on final determinations by the assessment officer, board of review, Property Tax Appeal Board, or court.

• Modifies Section 10-50 to allow assessments based on current fair cash value if it falls below the adjusted base year valuation during the 4-year adjustment period following the 8-year freeze period.

• Designates amendments to Sections 10-40 and 10-50 as declarative of existing law, meaning they clarify rather than create new legal provisions.