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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5171
Introduced , by Rep. Harry Osterman SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Makes a technical change in a Section concerning limitations on the assessments for omitted property.
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A BILL FOR
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HB5171 |
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LRB095 19032 BDD 45209 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing |
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| Section 9-270 as follows:
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| (35 ILCS 200/9-270)
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| Sec. 9-270. Omitted property; limitations on assessment. A |
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| charge for tax
and interest for previous years, as
provided in |
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| Sections 9-265 or 14-40, shall not be made
against any property |
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| for years prior to the the date of ownership of the person
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| owning
the property at the time the liability for the
omitted |
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| tax was first
ascertained. Ownership as used in this section |
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| shall be held to refer to
bona fide legal and equitable titles |
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| or interests acquired for value and
without notice of the tax, |
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| as may appear by deed, deed of trust, mortgage,
certificate of |
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| purchase or sale, or other form of contract. No charge
for tax |
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| of previous years, as provided in Section 9-265,
shall be made |
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| against any property if (a) the property was
last
assessed as |
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| unimproved, (b) the owner of the property gave notice
of
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| subsequent improvements and requested a reassessment as |
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| required by Section
9-180, and (c) reassessment of the property
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| was not made
within the 16 month period immediately following |
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| the receipt of that
notice. The owner of property, if known, |