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Sen. Chris Lauzen
Filed: 3/2/2010
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LRB096 15786 HLH 37252 a |
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| AMENDMENT TO SENATE BILL 3334
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| AMENDMENT NO. ______. Amend Senate Bill 3334 on page 1, |
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| line 5, by replacing "Section 1-50" with "Sections 1-50 and |
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| 17-10"; and
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| on page 1, line 10, by replacing "may" with "shall"; and
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| on page 1, line 16, by replacing "may" with "shall"; and
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| on page 1, immediately below line 20, by inserting the |
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| following:
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| "(35 ILCS 200/17-10)
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| Sec. 17-10. Sales ratio studies. The Department shall |
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| monitor the
quality of local assessments by designing, |
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| preparing and using ratio studies,
and shall use the results as |
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| the basis for equalization decisions. In
compiling sales ratio |
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| studies, the Department shall exclude from the reported
sales |
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LRB096 15786 HLH 37252 a |
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| price of any property any amounts included for personal |
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| property and,
for sales occurring through December 31, 1999, |
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| shall exclude
seller paid points. The Department shall not |
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| include in its sales ratio
studies sales of property which have |
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| been platted and for which an increase in
the assessed |
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| valuation is restricted by Section 10-30.
The Department shall |
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| not include in its sales ratio studies the initial sale
of |
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| residential property that has been converted to condominium |
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| property. The Department shall include foreclosure sales and |
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| short sales in its sales ratio studies.
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| When the declaration
required under the Real Estate |
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| Transfer Tax Law contains financing information
required under |
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| Section 31-25, the Department shall adjust sales prices to
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| exclude seller-paid points and shall adjust sales prices to |
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| "cash value" when
seller related financing is used that is |
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| different than the prevailing cost of
cash. The prevailing cost |
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| of cash for sales occurring on or after January 1,
1992 shall |
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| be established as the monthly average 30-year fixed Primary |
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| Mortgage
Market Survey rate for the North Central Region as |
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| published weekly by the
Federal Home Loan Mortgage Corporation, |
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| as computed by the Department, or such
other rate as determined |
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| by the Department. This rate shall be known as the
survey rate. |
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| For sales occurring on or after January 1, 1992, through
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| December 31, 1999, adjustments in
the prevailing cost of cash |
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| shall be made only after the survey rate has been
at or above |
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| 13% for 12 consecutive months and will continue until the |
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LRB096 15786 HLH 37252 a |
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| survey
rate has been below 13% for 12 consecutive months.
For |
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| sales occurring on or after January 1, 2000, adjustments for |
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| seller paid
points and adjustments in the prevailing cost of |
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| cash shall be made only after
the survey rate has been at or |
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| above 13% for 12 consecutive months and will
continue until the |
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| survey rate has been below 13% for 12 consecutive months. The |
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| Department shall make
public its adjustment procedure upon |
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| request.
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| (Source: P.A. 91-555, eff. 1-1-00.)".
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