Bill > SB1433

This bill amends the Property Tax Code to change how railroad property is assessed for taxation purposes. Specifically, the bill shifts the assessment method from valuing railroad property as a single unit to assessing it based on the specific location of individual properties. Previously, the Department would determine the taxable value of a railroad company's property by evaluating it as one comprehensive unit, taking into account factors like stock value, outstanding bonds, net earnings, and other financial considerations. The new approach requires the Department to assess railroad property by considering the fair cash value of properties at their specific geographical locations, while still making allowances for non-carrier real estate and personal property. This change could potentially lead to more precise property tax calculations by focusing on the actual location and characteristics of individual railroad properties rather than treating a railroad company's entire property portfolio as a single, undifferentiated asset.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1433&GAID=18&DocTypeID=SB&SessionID=114&GA=104