100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB2483

 

Introduced , by Rep. Norine K. Hammond

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/10-510

    Amends the Property Tax Code. Provides that a transfer between spouses does not disqualify wooded acreage from the provisions for the assessment of untransferred wooded acreage.


LRB100 09045 HLH 19194 b

 

 

A BILL FOR

 

HB2483LRB100 09045 HLH 19194 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 10-510 as follows:
 
6    (35 ILCS 200/10-510)
7    Sec. 10-510. Assessment of wooded acreage.
8    (a) If wooded acreage was classified as farmland during the
92006 assessment year, then the property shall be assessed by
10multiplying the current fair cash value of the property by the
11transition percentage. The chief county assessment officer
12shall determine the transition percentage for the property by
13dividing (i) the property's 2006 equalized assessed value as
14farmland by (ii) the 2006 fair cash value of the property.
15    (b) The wooded acreage shall continue to be assessed under
16the provisions of this Section through any assessment year in
17which the property is transferred or no longer qualifies as
18wooded acreage under Section 10-505, and the property must be
19assessed as otherwise permitted by law beginning the following
20assessment year. For purposes of this Section, a transfer
21between spouses does not disqualify the property from the
22preferential assessment treatment under this Division for
23wooded acreage.

 

 

HB2483- 2 -LRB100 09045 HLH 19194 b

1(Source: P.A. 95-633, eff. 10-1-07.)