Illinois SB1433 amends the Property Tax Code to change how railroad property is assessed for tax purposes.
Illinois SB1433 modifies the Property Tax Code to adjust the assessment procedure for railroad companies. The bill requires the Department to assess railroad property based on its location rather than as a unit. It also mandates the Department to consider the fair cash value of railroad companies' property, excluding non-carrier real estate, and apply an equalization factor to determine the equalized assessed value.
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