Today, Assessors in each of Illinois’ 102 counties are forced to determine the value of income- producing properties without access to actual market data. SB1379, which passed the Senate with a bipartisan 36-16-1 vote, closes this gap.
The bill improves data collection and brings Cook County & Illinois in line with professional practices used by Assessors in at least 17 other States, including Florida and Virginia, and of major cities, including New York, Boston, Washington D.C., and Seattle.
The bill gives the Cook County Assessor’s Office the ability to collect Operating Income and Expense Data (the same as is shown on IRS Schedule E and already submitted to the Cook County Board of Review for property owners who appeal) for income-generating properties. Other counties, by County Board resolution, may opt-in to this practice and authorize their assessors to collect this data.