Illinois House Bill HB2316

Illinois 2023-2024 Regular Session

• Introduced: 2/14/23
• Refer: 2/21/23
• Refer: 2/14/23
• Refer: 3/10/23

Caption

PROP TX-SETTLEMENT/VALUATION

Impact

By permitting settlement agreements for properties associated with petroleum refineries, HB2316 aims to prevent long-standing tax disputes that can hinder both fiscal operations and refinery activities. This change in property tax protocol could serve to stabilize tax revenues for local governments while providing a clearer framework for businesses to resolve tax assessment disagreements. Additionally, the bill addresses the valuation of pollution control facilities, likely impacting how these essential assets are accounted for within the broader property tax scheme.

Summary

HB2316 proposes amendments to the Property Tax Code of Illinois, focusing specifically on properties used for petroleum refining. The bill allows for real property tax assessment settlement agreements between taxpayers and the associated taxing districts, facilitating a more collaborative approach to property tax valuations. This can lead to negotiated terms beneficial to both parties, potentially alleviating disputes surrounding property tax assessments for refinery properties. The immediate effective date underscores the urgency of these provisions as they relate to local economic conditions and taxpayer concerns.

Contention

Opposition to HB2316 may arise from various stakeholders who view this approach as potentially favoring petroleum companies at the expense of local tax revenue. While supporters may tout the benefits of streamlined processes for settling property valuation disputes, critics could argue that this could lead to lesser tax liabilities for large corporations compared to smaller home and business owners. It remains crucial how these settlement agreements will be structured and enforced to ensure equitable contributions from all property types, particularly within regions heavily reliant on refinery operations.