Sec. 10-50. Valuation after 8 year valuation period.
153 words·~1 min read·
/il/chapter-35/act-200/10-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10-50. Valuation after 8 year valuation period.
(a)For the 4 years after the expiration of the 8-year valuation period, the valuation for purposes of computing the assessed valuation shall not exceed the following:
For the first year, the base year valuation plus 25% of the adjustment in value.
For the second year, the base year valuation plus 50% of the adjustment in value.
For the third year, the base year valuation plus 75% of the adjustment in value.
For the fourth year, the then current fair cash value.
(b)If the current fair cash value during the adjustment valuation period is less than the base year valuation with the applicable adjustment, the assessment shall be based on the current fair cash value. The changes made to this Section by this amendatory Act of the 103rd General Assembly are declarative of existing law and shall not be construed as a new enactment.