Amends the Property Tax Code to adjust the definition of "33 1/3%.

The bill amends the Property Tax Code to modify the definition of "33 1/3%". It specifies that one-third of the fair cash value of property is determined by the Department's sales ratio studies for the three most recent years before the assessment year, adjusted for any changes in assessment levels since the data were collected.

Amends the Property Tax Code to adjust the definition of "33 1/3%.

The bill amends the Property Tax Code to modify the definition of "33 1/3%". It specifies that one-third of the fair cash value of property is determined by the Department's sales ratio studies for the three most recent years before the assessment year, adjusted for any changes in assessment levels since the data were collected.