PROP TX-FAIR CASH VALUE Senate SponsorsSen. Chris Lauzen-Pamela J. Althoff-Carole Pankau-Toi W. Hutchinson-J. Bradley Burzynski, Dave Syverson and Kyle McCarter House Sponsors(Rep. Keith Farnham-Linda Chapa LaVia-Jack D. Franks-Esther Golar-Ed Sullivan, Jr., Carol A. Sente, Randy Ramey, Jr. and Kay Hatcher) 7/16/2010SenatePublic Act . . . . . . . . . 96-1083 35 ILCS 200/1-5035 ILCS 200/16-17 newAmends the Property Tax Code. Provides that assessment officials may consider foreclosure sales and short sales of comparable properties when determining fair cash value. Provides that boards of review and boards of appeals may consider foreclosure sales and short sales of comparable properties for the purpose of revising and correcting assessments and must consider those sales of comparable properties submitted by the taxpayer. Effective immediately.Senate Committee Amendment No. 1 Adds reference to:35 ILCS 200/17-10Provides that assessment officials shall (instead of "may") include foreclosure sales and short sales of comparable properties when determining fair cash value. Provides that a board of review or board of appeals shall (instead of "may") consider foreclosure sales and short sales of comparable properties when revising and correcting assessments. Provides that the Department of Revenue shall include foreclosure sales and short sales in its sales ratio studies.Senate Floor Amendment No. 3 Deletes reference to:35 ILCS 200/1-5035 ILCS 200/16-17 newAdds reference to:35 ILCS 200/1-23 new35 ILCS 200/16-5535 ILCS 200/16-6535 ILCS 200/16-183 new35 ILCS 200/17-1035 ILCS 200/31-25Replaces everything after the enacting clause. Amends the Property Tax Code. Provides that boards of review and the Property Tax Appeal Board shall consider compulsory sales of comparable properties for the purpose of revising and correcting assessments. Provides that the Department of Revenue shall include foreclosure sales and short sales in its sales ratio studies. Amends the Real Estate Transfer Tax Law in the Property Tax Code to provide that transfer declarations shall include information concerning whether the transfer is pursuant to compulsory sale. Provides that boards of review shall consider compulsory sales in their equalization process. Defines "compulsory sale" as a short sale or the first sale of residential property to occur after a foreclosure proceeding. Effective immediately. 2/10/2010SenateFiled with Secretary by Sen. Chris Lauzen 2/10/2010SenateFirst Reading 2/10/2010SenateReferred to Assignments 2/24/2010SenateAssigned to Revenue 3/2/2010SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Chris Lauzen 3/2/2010SenateSenate Committee Amendment No. 1 Referred to Assignments 3/3/2010SenateSenate Committee Amendment No. 1 Assignments Refers to Revenue 3/4/2010SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff 3/4/2010SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson 3/4/2010SenateSenate Committee Amendment No. 1 Adopted 3/4/2010SenateSponsor Removed Sen. Toi W. Hutchinson 3/8/2010SenateDo Pass as Amended Revenue; 008-001-000 3/8/2010SenatePlaced on Calendar Order of 2nd Reading March 9, 2010 3/12/2010SenateAdded as Chief Co-Sponsor Sen. Carole Pankau 3/15/2010SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Carole Pankau; -Hutchinson-Lauzen 3/15/2010SenateSenate Floor Amendment No. 2 Referred to Assignments 3/16/2010SenateSenate Floor Amendment No. 2 Assignments Refers to Revenue 3/16/2010SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Carole Pankau; -Hutchinson-Lauzen 3/16/2010SenateSenate Floor Amendment No. 3 Referred to Assignments 3/16/2010SenateAdded as Chief Co-Sponsor Sen. Toi W. Hutchinson 3/17/2010SenateSenate Floor Amendment No. 3 Assignments Refers to Revenue 3/17/2010SenateSenate Floor Amendment No. 2 Tabled in Revenue; Pankau 3/17/2010SenateSenate Floor Amendment No. 3 Recommend Do Adopt Revenue; 007-000-000 3/17/2010SenateSecond Reading 3/17/2010SenateSenate Floor Amendment No. 3 Adopted; Pankau-Hutchinson-Lauzen 3/17/2010SenatePlaced on Calendar Order of 3rd Reading March 18, 2010 3/18/2010SenateAdded as Chief Co-Sponsor Sen. J. Bradley Burzynski 3/18/2010SenateAdded as Co-Sponsor Sen. Dave Syverson 3/18/2010SenateAdded as Co-Sponsor Sen. Kyle McCarter 3/18/2010SenateThird Reading - Passed; 054-000-000 3/18/2010HouseArrived in House 3/18/2010HouseChief House Sponsor Rep. Keith Farnham 3/18/2010HousePlaced on Calendar Order of First Reading 3/18/2010HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia 3/18/2010HouseAdded Alternate Chief Co-Sponsor Rep. Jack D. Franks 3/18/2010HouseFirst Reading 3/18/2010HouseReferred to Rules Committee 3/23/2010HouseAdded Alternate Co-Sponsor Rep. Carol A. Sente 3/24/2010HouseAdded Alternate Co-Sponsor Rep. Randy Ramey, Jr. 4/8/2010HouseAssigned to Cities & Villages Committee 4/20/2010HouseDo Pass / Short Debate Cities & Villages Committee; 009-001-000 4/21/2010HousePlaced on Calendar 2nd Reading - Short Debate 4/22/2010HouseAdded Alternate Chief Co-Sponsor Rep. Esther Golar 4/22/2010HouseAdded Alternate Chief Co-Sponsor Rep. Ed Sullivan, Jr. 4/22/2010HouseSecond Reading - Short Debate 4/22/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/23/2010HouseThird Reading - Short Debate - Passed 105-000-003 4/23/2010SenatePassed Both Houses 4/23/2010HouseAdded Alternate Co-Sponsor Rep. Kay Hatcher 5/21/2010SenateSent to the Governor 7/16/2010SenateGovernor Approved 7/16/2010SenateEffective Date July 16, 2010 7/16/2010SenatePublic Act . . . . . . . . . 96-1083