REVENUE-TECH

HB 3830 makes a technical correction to the Property Tax Code's definition of "33 1/3%" (one-third) used in calculating property tax assessments. It adjusts how the "one-third" value is determined by clarifying the method for calculating fair cash value based on recent sales data and assessment changes. This change directly affects property tax calculations for Illinois homeowners and businesses but does not alter tax rates or create new obligations. The bill is purely procedural, updating a definition without changing tax policy or impacting how much property tax is paid.