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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2540 Introduced 2/26/2021, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, property under a forestry management plan shall be valued at 1/18 (currently, 1/6) of its productivity index equalized assessed value as cropland. Effective January 1, 2022.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB2540 | | LRB102 17333 HLH 22823 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 10-150 as follows:
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| 6 | | (35 ILCS 200/10-150)
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| 7 | | Sec. 10-150. Property under forestry management plan. In |
| 8 | | counties with less
than 3,000,000 inhabitants, any land being |
| 9 | | managed under a forestry management
plan accepted by the |
| 10 | | Department of Natural Resources under
the Illinois Forestry
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| 11 | | Development Act shall be considered as "other farmland" and |
| 12 | | shall be valued at
1/18 1/6 of its productivity index |
| 13 | | equalized assessed value as cropland. In
counties with more |
| 14 | | than 3,000,000 inhabitants, any land totalling 15 acres or
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| 15 | | less for which an approved forestry management plan was in |
| 16 | | effect on or before
December 31, 1985, shall be considered |
| 17 | | "other farmland". The Department of
Natural Resources shall |
| 18 | | inform the Department and each
chief county assessment officer |
| 19 | | of each parcel of land covered by an approved
forestry |
| 20 | | management plan. The changes made by this amendatory Act of |
| 21 | | the 102nd General Assembly apply for the 2022 assessment year |
| 22 | | and thereafter.
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| 23 | | (Source: P.A. 88-455; 89-445, eff. 2-7-96.)
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