Sen. Dan McConchie
Filed: 5/15/2017
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1018 




2    AMENDMENT NO. ______. Amend Senate Bill 1018 by replacing 
3everything after the enacting clause with the following:


 
 
4    "Section 5. The Property Tax Code is amended  by changing 
5Section 16-80 as follows:
 



6    (35 ILCS 200/16-80)



7    Sec. 16-80. Reduced assessment of homestead property. In 
8any county
with
fewer than 3,000,000 inhabitants, if
the board 
9of review
lowers the assessment of a particular parcel on which 
10a
residence occupied by
the owner is situated, the reduced 
11assessment, subject to equalization, shall
remain in effect for 
12the remainder of the general assessment period as provided
in 
13Sections 9-215 through 9-225, unless the taxpayer, county 
14assessor, or
other interested party
can show substantial cause 
15why the reduced assessment should not remain in
effect, such as 
16a change in physical characteristics or condition, factual 
 
 
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1error, or if the parcel is subsequently sold in an arm's length 
2transaction establishing a fair cash value for the parcel that 
3is different from the fair cash value on which the Board's 
4assessment is based, or unless the decision of the board is 
5reversed or modified upon
review.

6(Source: P.A. 88-455; 89-126, eff. 7-11-95; 89-671, eff. 
78-14-96.)

 
 
8    Section 99. Effective date. This Act takes effect upon 
9becoming law.".