PROP TAX-ASSESSMENTS House SponsorsRep. Michael W. Tryon 1/11/2011HouseSession Sine Die 35 ILCS 200/2-85 new35 ILCS 200/3-70 new35 ILCS 200/8-13 new Amends the Property Tax Code. Provides that township assessors and county assessors must monitor the average fair-market value of residential property within their jurisdiction. Provides that, if the average fair-market value of residential property within the jurisdiction of the assessor falls by more than 7% in any taxable year, the assessor shall notify the Illinois Department of Revenue. Provides that, whenever the Department of Revenue is notified by a county or township assessor that the average fair-market value of residential property within the jurisdiction of a township or county assessor has fallen by more than 7%, it shall immediately impose an additional special multiplier in the geographic area specified by the assessor so that the equalized assessed value of all property in the geographic area reflects the decline in fair-market value. 2/26/2009HouseFiled with the Clerk by Rep. Michael W. Tryon 2/27/2009HouseFirst Reading 2/27/2009HouseReferred to Rules Committee 3/4/2009HouseAssigned to Revenue & Finance Committee 3/13/2009HouseRule 19(a) / Re-referred to Rules Committee 1/11/2011HouseSession Sine Die