The impact of SB0012 on state laws is expected to be minimal due to its technical nature. However, it still plays a crucial role in how property taxes are calculated. By establishing a clearer framework for the definition of '33 1/3%' within property assessments, it helps streamline the process for tax officials and property owners alike. The update could potentially reduce disputes over property values and assessments that often arise due to ambiguous definitions in tax codes.
Summary
SB0012 is a legislative bill introduced in Illinois aiming to amend the Property Tax Code. Specifically, it makes a technical change to the definition of '33 1/3%' within Section 1-55 of the Property Tax Code. The amendment clarifies the calculation of the fair cash value of property for tax purposes, as determined by the Department's sales ratio studies from the three most recent years preceding the assessment year. This change is intended to ensure accuracy in property assessments and align them with current assessment levels.
Contention
As SB0012 primarily makes a technical amendment rather than introducing new regulations or changing existing ones significantly, it is less likely to incite considerable debate among legislators. However, any changes to tax-related laws are typically scrutinized for their implications on taxpayers and revenue generation for local governments. There might be points of contention regarding how this technical change will be implemented and understood by property owners and assessing officials alike, as clarity in tax definitions is crucial for compliance and fairness in the taxation process.