IL SB2287

Amends the Historic Residence Assessment Freeze Law to clarify that "fair cash value" is determined by the assessment officer, board of review, Property Tax Appeal Board, or court, rather than solely by the assessment officer's property record card.

Specifies that fair cash value represents the property's value prior to rehabilitation commencement without considering any reductions in value during rehabilitation work.

Adds a new provision allowing assessments during the 4-year adjustment valuation period (following the initial 8-year freeze) to be based on current fair cash value if it is lower than the calculated adjustment value.

Declares that amendments to Section 10-40 and Section 10-50 are declarative of existing law and shall not be construed as new enactments.