Good Thing This is an Election Year

The House overwhelmingly approved Senate Bill 3334 this week on a roll call vote of 105-0-3 marking FINAL legislative action.

This important measure, STRONGLY SUPPORTED by IAR, addresses the issue of foreclosures and short sales in the assessment process. The legislation adds a NEW definition of “compulsory sale” within the Illinois Property Tax Code to cover short sales and foreclosures and makes changes to the Code dealing with boards of review and the State Property Tax Appeal Board to ensure that these transfers are included in reviewing and correcting assessments.

Taxpayers will be authorized to submit such sales in the review process. A board of review can review defined geographic regions if it determines that the number of compulsory sales is at least 25% of all property transfers within that geographic region. The Department of Revenue will also be required to include compulsory sales in its sales ratio studies for sales occurring on or after January 1, 2011 and information compiled on the transfer declaration will include whether the transfer is pursuant to compulsory sale.

It should be noted that this measure does NOT apply to Cook County. Additional sponsors signed on to the bill in the House this week—sponsors now include Representatives Keith Farnham, Linda Chapa LaVia, Jack Franks, Esther Golar, Ed Sullivan, Carol Sente and Randy Ramey. The IAR commends all the sponsors of the legislation and in particular chief sponsor Representative Keith Farnham and co-sponsors Representatives Ed Sullivan and Jack Franks who spoke in support of the bill on the floor this week.