One-third of the fair cash value of property, as determined by the Department's sales ratio studies for the 3 most recent years preceding the assessment year, adjusted to take into account any changes in assessment levels implemented since the data for the studies were collected.
35 ILCS 200/1-55
33 1/3%
Known as the Property Tax Code
The act spans §§ 35-200-1-1 to 35-200-1-95 (38 sections).
P.A. 86-1481; 87-877; 88-455.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.