Illinois § 10-50
Full text of Illinois Illinois Compiled Statutes § 10-50, with citation guidance and answers to common questions.
§ 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. (Source: P.A. 103-592, eff. 1-1-25.)
Frequently Asked Questions About Illinois § 10-50
What does Illinois Compiled Statutes § 10-50 cover?
Section 10-50 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 10-50?
A common citation format is "Illinois Compiled Statutes § 10-50" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 10-50 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.