IL SB0316

Amends Section 11-80 of the Property Tax Code regarding assessment procedures for railroad companies.

Changes railroad property assessment from being evaluated "as a unit" to being assessed "based on the location of the property."

Maintains requirement that the Department determine 33 1/3% of fair cash value of railroad property while allowing adjustments for non-carrier real estate and personal property.

Preserves existing equalization procedures using statewide average ratios to determine equalized assessed values for railroad companies.

Retains provisions for assessing operating property acquired through trades with municipalities in contiguous states, capped at trade value with no increases allowed for 10 years following the trade.