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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB3217 Introduced 2/18/2025, by Rep. Wayne A Rosenthal SYNOPSIS AS INTRODUCED:
| | | Amends the Property Tax Code. Provides that the assessed value of non-income producing wooded acreage property may not exceed the product of the assessed value of the property for the immediately preceding assessment year multiplied by 104%. Effective immediately. |
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| | A BILL FOR |
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| | HB3217 | | LRB104 06400 HLH 21362 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by adding |
| 5 | | Section 10-511 as follows:
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| 6 | | (35 ILCS 200/10-511 new) |
| 7 | | Sec. 10-511. Assessment of non-income producing wooded |
| 8 | | acreage. |
| 9 | | (a) Beginning with the 2025 assessment year and continuing |
| 10 | | through the earlier of the 2039 assessment year or the first |
| 11 | | year in which the property no longer qualifies for assessment |
| 12 | | under this Section, the assessed value of non-income producing |
| 13 | | wooded acreage property that is subject to assessment under |
| 14 | | this Section may not exceed the product of the assessed value |
| 15 | | of the property for the immediately preceding assessment year |
| 16 | | multiplied by 104%. |
| 17 | | (b) As used in this Section, "non-income producing wooded |
| 18 | | acreage" means wooded acreage that does not generate an annual |
| 19 | | net income, as defined in subsection (a) of Section 10-220.
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| 20 | | Section 99. Effective date. This Act takes effect upon |
| 21 | | becoming law. |