94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4175


 
Introduced 11/2/2005, by Rep. Kurt M. Granberg
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/15-148 new










    Amends the Property Tax Code. Provides that, beginning with the 2005 assessment year,  qualified timberland shall be assessed at 33 1/3% of the lesser of: (i) its value; or (ii) $500 per acre. Defines "qualified timberland" as any parcel of unimproved real property that is timberland and that: (1) does not qualify as cropland, permanent pasture, other farmland, or wasteland; and (2) is not managed under a forestry management plan so as to be considered as "other farmland". Effective immediately.
















LRB094 14779 BDD 49761 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4175

LRB094 14779 BDD 49761 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 adding 
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Section 15-148 as follows:
 
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    (35 ILCS 200/15-148  new)
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    Sec. 15-148. Assessment of certain timberland.
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    (a) Beginning with the 2005 assessment year,  qualified 
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timberland shall be assessed at 33 1/3% of the lesser of: (i) 
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its value; or (ii) $500 per acre.

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    (b) For the purposes of this Section, "qualified 
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timberland" means any parcel of unimproved real property that 
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is timberland and that:

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        (1) does not qualify as cropland, permanent pasture, 
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    other farmland, or wasteland under Section 10-125; and
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        (2) is not managed under a forestry management plan and 
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    considered other farmland under Section 10-150.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.