PROP TX-ASSESSMENTS Senate SponsorsSen. Michael Connelly 1/13/2015SenateSession Sine Die 35 ILCS 200/12-37 new35 ILCS 200/16-18535 ILCS 200/23-20Amends the Property Tax Code. Provides that whenever, as the result of a final order of the Property Tax Appeal Board or any court, a property assessment is reduced for a tax year for which the taxes have already been paid and the subject property is still owned by the same person, entity, or a successor entity, the chief county assessment officer shall award to the taxpayer obtaining the order a compensatory assessment reduction for the next assessment year available for assessment adjustment. Provides that the amount of the compensatory assessment reduction shall be equal to the assessment reduction for the prior year or years as ordered by Property Tax Appeal Board or court and provides that the amount may be carried forward. Provides that the award of compensatory assessment reductions shall take place prior to and shall be considered in the determination of tax rates by the county clerk. Provides that the award of compensatory assessment reductions shall not affect the determination of the fair market value of the subject property or its assessed valuation once the compensatory assessment reductions have been exhausted. 2/4/2014SenateFiled with Secretary by Sen. Tim Bivins 2/4/2014SenateFirst Reading 2/4/2014SenateReferred to Assignments 2/19/2014SenateAssigned to Revenue 2/27/2014SenatePostponed - Revenue 3/27/2014SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Michael Connelly 3/27/2014SenateSenate Committee Amendment No. 1 Referred to Assignments 3/27/2014SenateChief Sponsor Changed to Sen. Michael Connelly 3/28/2014SenateRule 3-9(a) / Re-referred to Assignments 1/13/2015SenateSession Sine Die