Bill Text: IL HB1578 | 2019-2020 | 101st General Assembly | Introduced


Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB1578 Detail]

Download: Illinois-2019-HB1578-Introduced.html


101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1578

Introduced , by Rep. Kelly M. Burke

SYNOPSIS AS INTRODUCED:
35 ILCS 200/1-55

Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%".
LRB101 06657 HLH 51684 b

A BILL FOR

HB1578LRB101 06657 HLH 51684 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5Section 1-55 as follows:
6 (35 ILCS 200/1-55)
7 Sec. 1-55. 33 1/3%. One-third of the the fair cash value of
8property, as determined by the Department's sales ratio studies
9for the 3 most recent years preceding the assessment year,
10adjusted to take into account any changes in assessment levels
11implemented since the data for the studies were collected.
12(Source: P.A. 86-1481; 87-877; 88-455.)
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