Full Text of HB1186 96th General Assembly
HB1186 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB1186
Introduced 2/11/2009, by Rep. Franco Coladipietro SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. In a Section concerning the platting and subdividing of property into lots with streets and other improvements in counties of less than 3,000,000 inhabitants, provides that the Section applies to subsequent owners and developers of unplatted, unsubdivided property. Provides that, until (i) the completion of a habitable structure on the property, (ii) the use of the property for business, commercial, or residential purposes, or (iii) the sale of any platted lot, the assessed value for the calendar year in which the property was platted, subdivided, and recorded shall be determined each year based on the same assessment methodology used in the calendar year immediately preceding the calendar year in which the land was platted, subdivided, and recorded (instead of the estimated price the property would bring at a fair voluntary sale
for use by the buyer for the same purposes for which the property was used when
last assessed prior to its platting). Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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HB1186 |
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LRB096 02016 HLH 12028 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 10-30 as follows:
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| (35 ILCS 200/10-30)
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| Sec. 10-30. Subdivisions; counties of less than 3,000,000.
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| (a) In counties with less than 3,000,000 inhabitants, the | 9 |
| platting and
subdivision of property into separate lots and the | 10 |
| development of the
subdivided property with streets, | 11 |
| sidewalks, curbs, gutters, sewer, water and
utility lines shall | 12 |
| not increase the assessed valuation of all or any part of
the | 13 |
| property, if:
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| (1) The property is platted and subdivided in | 15 |
| accordance with the Plat
Act;
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| (2) The platting occurs after January 1, 1978;
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| (3) At the time of platting the property is in excess | 18 |
| of 5 acres; and
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| (4) At the time of platting the property is vacant or | 20 |
| used as a farm as
defined in Section 1-60.
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| This subsection (a) also applies to subsequent owners and | 22 |
| developers of unplatted, unsubdivided property. | 23 |
| (b) Except as provided in subsection (c) of this Section, |
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HB1186 |
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LRB096 02016 HLH 12028 b |
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| the assessed
value for the calendar year in which the property | 2 |
| was platted, subdivided, and recorded valuation of property so | 3 |
| platted and subdivided shall be determined each year
based on | 4 |
| the same assessment methodology used in the calendar year | 5 |
| immediately preceding the calendar year in which the land was | 6 |
| platted, subdivided, and recorded based on the estimated price | 7 |
| the property would bring at a fair voluntary sale
for use by | 8 |
| the buyer for the same purposes for which the property was used | 9 |
| when
last assessed prior to its platting .
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| (c) Upon completion of a habitable structure on any lot of | 11 |
| subdivided
property, or upon the use of any lot, either alone | 12 |
| or in conjunction
with any contiguous property, for any | 13 |
| business, commercial or residential
purpose, or upon the | 14 |
| initial sale of any platted lot, including a platted
lot which | 15 |
| is vacant: (i) the provisions of subsection (b) of this Section
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| shall no longer apply in determining the assessed valuation of | 17 |
| the lot, (ii)
each lot shall be assessed without regard to any | 18 |
| provision of this Section, and
(iii) the assessed valuation of | 19 |
| the remaining property, when next determined,
shall be reduced | 20 |
| proportionately to reflect the exclusion of the property that
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| no longer qualifies for valuation under this Section. Holding | 22 |
| or offering a
platted lot for initial sale shall not constitute | 23 |
| a use of the lot for
business, commercial or residential | 24 |
| purposes unless a habitable structure is
situated on the lot or | 25 |
| unless the lot is otherwise used for a business,
commercial or | 26 |
| residential purpose.
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HB1186 |
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LRB096 02016 HLH 12028 b |
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| (Source: P.A. 95-135, eff. 1-1-08.)
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| Section 99. Effective date. This Act takes effect upon | 3 |
| becoming law.
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