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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3326 Introduced 2/7/2024, by Sen. Steve Stadelman SYNOPSIS AS INTRODUCED:
| | | Amends the Property Tax Code. Provides that, in counties with fewer than 3,000,000 inhabitants, the amount in the indemnity fund shall not be less than 0.03% of the total equalized assessed valuation of the property in the county or $25,000 (currently, $50,000), whichever is greater. |
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| | A BILL FOR |
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| | SB3326 | | LRB103 38413 HLH 68548 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 21-300 as follows:
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| 6 | | (35 ILCS 200/21-300) |
| 7 | | Sec. 21-300. Amount to be retained in indemnity fund. |
| 8 | | (a) The county board in each county shall determine the |
| 9 | | amount of the fund to be maintained in that county. In counties |
| 10 | | with fewer than 3,000,000 inhabitants, that amount shall not |
| 11 | | be less than 0.03% of the total assessed valuation, as |
| 12 | | equalized by the Department, of the property in the county, or |
| 13 | | $25,000, whichever is greater. In counties with 3,000,000 or |
| 14 | | more inhabitants, the , which amount shall not be less than |
| 15 | | 0.03% of the total assessed valuation, as equalized by the |
| 16 | | Department, of property within the county County, or $50,000, |
| 17 | | whichever is greater. In counties with fewer than 3,000,000 |
| 18 | | inhabitants, the balance of the fund , and shall not be greater |
| 19 | | than $1,000,000. In counties with 3,000,000 or more |
| 20 | | inhabitants, the balance of the fund shall not be in counties |
| 21 | | with less than 3,000,000 inhabitants, and not greater than |
| 22 | | $2,000,000 in counties with 3,000,000 or more inhabitants. Any |
| 23 | | moneys accumulated by the County Treasurer in excess of the |