HB4125 Summary

• Modifies the certificate of error procedures for counties with 3,000,000 or more inhabitants by requiring assessors to note time limitation expiration before executing certificates.

• Clarifies that certificates of error can be certified by the county assessor alone or, if the assessment was subject to a board of review complaint, by both the county assessor and board of review.

• Maintains existing certification discretion for homestead exemptions, residential property of 6 units or less, Section 14-25 exemptions, and certificates reducing assessed value by less than $100,000.

• Extends the 3-year time limitation exception for certificates correcting assessments to $1 under Section 10-35 for subdivisions or planned developments that acquired parcels by adverse possession and used them as common area.

• Applies the changes made by this 103rd General Assembly amendatory act to certificates of error issued on or after the effective date for taxable years 2004 or thereafter.