102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2543
 
Introduced 2/26/2021, by Sen. Melinda Bush
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 200/10-31

     Amends the Property Tax Code. Provides that, in counties of less than 3,000,000 inhabitants, beginning in assessment year 2024, lots that have been platted and subdivided  shall be assessed based on the estimated price the property would bring at a fair voluntary sale (currently, based on the assessed value assigned to the property when last assessed prior to its last transfer or conveyance).
  


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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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 10-31 as follows:
 
6    (35 ILCS 200/10-31)

7    Sec. 10-31. Subdivisions; counties of less than 3,000,000.
8    (a) In counties with less than 3,000,000 inhabitants, the 
9platting and
subdivision of property into separate lots and 
10the development of the
subdivided property with streets, 
11sidewalks, curbs, gutters, sewer, water and
utility lines 
12shall not increase the assessed valuation of all or any part of

13the property, if:
14        (1) The property is platted and subdivided in 
15    accordance with the Plat
Act;
16        (2) The platting occurs after January 1, 1978;
17        (3) At the time of platting the property is in excess 
18    of 5 acres; and
19        (4) At the time of platting or replatting the property 
20    is vacant or used as a farm as
defined in Section 1-60.
21    (b) Except as provided in subsection (c) of this Section, 
22prior to the 2024 assessment year, the assessed
valuation of 
23property so platted and subdivided shall be determined
based 
 
 
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1on the assessed value assigned to the property when last 
2assessed prior to its last transfer or conveyance. Prior to 
3the 2024 assessment year, an An initial sale of any platted 
4lot, including a lot that is vacant, or a transfer to a holder 
5of a mortgage, as defined in Section 15-1207 of the Code of 
6Civil Procedure, pursuant to a mortgage foreclosure proceeding 
7or pursuant to a transfer in lieu of foreclosure, does not 
8disqualify that lot from the provisions of this subsection 
9(b). Beginning with the 2024 assessment year, except as 
10provided in subsection (c) of this Section, all lots so 
11platted and subdivided  shall be assessed based on the 
12estimated price the property would bring at a fair voluntary 
13sale. 
14    (c) Upon completion of a habitable structure on any lot of 
15subdivided
property, or upon the use of any lot, either alone 
16or in conjunction
with any contiguous property, for any 
17business, commercial or residential
purpose: (i) the 
18provisions of subsection (b) of this Section
shall no longer 
19apply in determining the assessed valuation of the lot, (ii)

20each lot shall be assessed without regard to any provision of 
21this Section, and
(iii) the assessed valuation of the 
22remaining property, when next determined,
shall be reduced 
23proportionately to reflect the exclusion of the property that

24no longer qualifies for valuation under this Section. Holding 
25or offering a
platted lot for initial sale shall not 
26constitute a use of the lot for
business, commercial or 
 
 
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1residential purposes unless a habitable structure is
situated 
2on the lot or unless the lot is otherwise used for a business,

3commercial or residential purpose. The replatting of a 
4subdivision or portion of a subdivision does not disqualify 
5the replatted lots from the provisions of subsection (b).
6    (d) This Section applies on and after the effective date 
7of this amendatory Act of the 96th General Assembly and 
8through December 31, 2011. 

9(Source: P.A. 96-480, eff. 8-14-09.)