104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1433 Introduced 1/31/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED: 35 ILCS 200/11-80 Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit). LRB104 07673 HLH 17717 b A BILL FOR 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1433 Introduced 1/31/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED: 35 ILCS 200/11-80 35 ILCS 200/11-80 Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit). LRB104 07673 HLH 17717 b LRB104 07673 HLH 17717 b A BILL FOR
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1433 Introduced 1/31/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
35 ILCS 200/11-80 35 ILCS 200/11-80
35 ILCS 200/11-80
Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit).
LRB104 07673 HLH 17717 b LRB104 07673 HLH 17717 b
LRB104 07673 HLH 17717 b
A BILL FOR
SB1433LRB104 07673 HLH 17717 b SB1433 LRB104 07673 HLH 17717 b
SB1433 LRB104 07673 HLH 17717 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Property Tax Code is amended by changing
5 Section 11-80 as follows:
6 (35 ILCS 200/11-80)
7 Sec. 11-80. Assessment procedure for railroad companies.
8 In assessing the taxable property of any railroad company, the
9 Department shall first determine 33 1/3% of the fair cash
10 value of all the property of any railroad company based on the
11 location of the property as a unit, but shall make due
12 allowance for any non-carrier real estate and all personalty.
13 The Department shall take into consideration the actual or
14 market value of the shares of stock outstanding, the actual or
15 market value of all bonds outstanding and all other
16 indebtedness as is applicable, for operating the road. In
17 determining the market value of the stock or indebtedness the
18 Department shall consider quotations for the 5 years preceding
19 the assessment date; the net earnings of the company during
20 the 5 calendar years preceding the assessment date; and such
21 other information as the Department may consider as bearing on
22 the fair cash value of the property. The valuation by the
23 Department shall include capital stock and all other property
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB1433 Introduced 1/31/2025, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
35 ILCS 200/11-80 35 ILCS 200/11-80
35 ILCS 200/11-80
Amends the Property Tax Code. Provides that railroad property shall be assessed based on the location of the property (rather than as a unit).
LRB104 07673 HLH 17717 b LRB104 07673 HLH 17717 b
LRB104 07673 HLH 17717 b
A BILL FOR
35 ILCS 200/11-80
LRB104 07673 HLH 17717 b
SB1433 LRB104 07673 HLH 17717 b
SB1433- 2 -LRB104 07673 HLH 17717 b SB1433 - 2 - LRB104 07673 HLH 17717 b
SB1433 - 2 - LRB104 07673 HLH 17717 b
SB1433 - 2 - LRB104 07673 HLH 17717 b